COMMERCIAL PROPERTY OWNER INSURANCE

COMMERCIAL PROPERTY OWNER INSURANCE

At AMC Insurance, as brokers, we are able to assist you with your Commercial Property Owner Insurance needs. Our experienced team will work with you to tailor a policy to protect your assets from risks and liabilities while aiming to achieve competitive premiums. We’re dedicated to guiding you through the whole insurance process, providing clear and friendly advice every step of the way.

WHAT DOES COMMERCIAL PROPERTY OWNER INSURANCE OR COMMERCIAL LANDLORD INSURANCE COVER?

As a commercial property owner or landlord you have access to a number of different extensions under an insurance policy. For most customers their main concerns are to cover:

• Building the physical structure of your building and property is the highest risk and we recommend insuring this to the full replacement value.

  
  

• Loss of Rent this covers the exposure of a major claim (e.g. fire) destroying your building and not being able to recover rent from the tenant during the rebuild period.
   
• Property Owners Liability covers you for any accidental injury or property damage caused by the ownership of your commercial property. Yes, your tenants will have Public & Products Liability insurance to cover the operation of their business, but they are not responsible for the damage or injury that occurs from those risks you are legally liable for.

WHAT OTHER TYPES OF COVER SHOULD I CONSIDER FOR MY COMMERCIAL PROPERTY / COMMERCIAL INSURANCE?

Each insurer will provide different extensions of cover. Some are automatic and detailed within their policy wording, whilst others are optional covers you can elect to include.

As a commercial property/commercial landlord you may wish to consider the following covers:

• Glass this covers the full replacement value of Glass on the property and signs. It can cover external glass only, or extend to external/internal glass. Ensure there is no duplication and that the tenant(s) are not already insuring this risk.
• Machinery Breakdown this will cover things like air-conditioner units, but can extend to other types of machinery specific to your building that you are responsible for as the owner (e.g. boilers).
• Theft/Burglary this cover is not frequently taken out, but may be relevant if you want to insure contents that remain your responsibility. Also, there is the exposure for things like hot water systems being stolen.

Additional extensions under the policy will extend to cover exposures like Removal of Debris, but it will depend on your specific requirements as to whether the default limits offered by an insurer are adequate.

HOW MUCH DOES COMMERCIAL PROPERTY OWNER INSURANCE COST?

Unfortunately, the costs associated with this type of product will vary largely between individual requirements. 

The sum insured is a primary rating factor – for example, if you need $5,000,000 in cover for your building’s replacement value it is going to cost a lot more than someone needing $1,000,000. 

The types of occupation and use of the building by your tenants will also be a major factor in premiums charged by the insurance company. An office only risk is a far lower exposure to an insurer than a building that has a tenant with a manufacturing exposure.

WHAT INFORMATION DO I NEED TO OBTAIN A COMMERCIAL PROPERTY OWNER INSURANCE OR COMMERCIAL LANDLORD INSURANCE QUOTE?

Most insurers will use the same risk information, however, depending on your individual risk more specific detail may be required. 

If you would like our assistance to obtain a quote for your commercial property owner insurance then please click the Online Application Form link on this page. 

Before completing the form we recommending refreshing yourself on the main details about your property, including the following examples: 

• Name(s) of the indivdiual(s) or company that owns the property and will be listed as the insured party
• Full address of location
• Details of tenants and their occupations
• Age of the building
• Construction of the building (floors, walls, roof)
• If higher risk exposures to EPS (Expanded Polystyrene), Asbestos, or Aluminium Composite Panel are present and where in the building this is located
• If the building is more than thirty (30) years old details on the electrical safety and plumbing inspections will be requested
• Full security protection information
• Full fire protection information
• Sum insured of the building required
• Sum insured for loss of rent
• Details of any past claims and losses (including the date, insurer, loss ($) paid or incurred, etc.)
• Details of your own disclosure (including criminal convictions, fines & penalties, insolvency, liquidation, etc.)

WHY DO I NEED A BROKER TO OBTAIN THE INSURANCE?

Depending on the risk exposure of your commercial property owner insurance needs you may not need an insurance broker. There are direct insurers (e.g. AAMI, Allianz, CGU) that might be prepared to provide immediate quotes and offer to place cover via their online platforms, or through their contact service teams.

The advice provided by these types of insurers is almost always limited and you will be required to make a lot of decisions yourself without their help. 

The advantage of using an insurance broker is that you have a dedicated insurance professional available to answer your questions on the relevant risk exposures and covers available. If you have a higher risk exposure, need high insured values or have a unique risk to cover then many direct insurers may not be able to assist. Brokers will have access to different products than direct insurers and can also secure cover via Lloyd’s of London using Australian based underwriting agencies if needed.

As an insurance broker we will deal directly with the insurance companies to obtain quotes and manage the policy once in effect. We will also assist in the lodgement of the claims process and stepping into to review any claims that an insurer proposed to limit or decline.

For commercial property owner insurance and commercial landlord insurance needs as we are a remote broker (i.e. available by phone/email, but not face to face) we would also recommend including the benefits of Claims Preparation costs. This way we can assist to engage with an external consultant to assist with any major claims and they can be “on the ground” to investigate and negotiate claims payments with your insurer directly.

If it sounds like working with AMC Insurance may be right for you please complete our online application form or contact us with any questions.

TO OBTAIN INSURANCE FOR YOUR COMMERCIAL PROPERTY OWNER AND COMMERCIAL LANDLORD INSURANCE NEEDS PLEASE COMPLETE OUR ONLINE APPLICATION FORM, OR CONTACT US.