Commercial property insurance
Commercial property insurance quotes from licensed Australian brokers
Warehouses, shops, offices and industrial units. Cover for the building, what is in it, and the rent or income that stops if it burns down.
- Licensed Australian brokers
- Free to use
- No obligation
Commercial property covers a wide field, from a single retail shop through to an industrial estate. The common thread is that the building is usually producing income, either as rent to an owner or as the place a business operates from. That means the property damage cover is only half the answer. What the policy does about the income that stops afterwards is generally the more important half. CoverMy is free to use. Tell us about the property and licensed Australian brokers come back with options.
What commercial property insurance usually covers
Cover is normally built in sections so it can be shaped around whether you own the building, occupy it, or both. Owners and tenants insure different things, and the lease decides who is responsible for what, which is why a broker will usually want to read it.
- The building, including landlord's fixtures and fittings
- Stock, plant, machinery and tenant's improvements
- Loss of rent for owners, or business interruption for occupiers
- Glass, money, theft and burglary sections
- Public and products liability, usually alongside rather than inside the property policy
- Machinery breakdown and electronic equipment cover as options
Owner or occupier changes what you insure
If you own the building and lease it out, you are insuring the structure and the rental income. If you occupy premises under a lease, you are usually insuring your own stock, plant and fit out, plus any obligations the lease places on you, and your exposure is business interruption rather than loss of rent. Many commercial leases require the tenant to hold specified insurances at set limits and to note the landlord's interest. Have your broker check the lease against the policy so the two actually line up.
Declared values and the co insurance trap
Commercial property policies frequently include an average or co insurance condition. If the declared value is materially below the true replacement cost, the insurer can reduce a partial claim in proportion to the underinsurance, so a shortfall hurts even when the building is not destroyed. Declared values should reflect current reinstatement cost including demolition, debris removal, professional fees and code compliance. Periodic valuations are the reliable way to keep the number defensible.
What underwriters look at
Construction, occupancy and location drive the price. A concrete tilt panel warehouse and an older building with a timber structure are different propositions, and what happens inside matters even more. Food manufacturing, spray painting, waste handling, timber processing and anything involving heat or flammable materials all attract close attention. Fire protection, sprinklers, alarms, electrical inspections and thermographic scanning all help. So does a clean claims record and a clear picture of any neighbouring risks.
How it works
- 1
Tell us about the property and how it is used
2 min form
- 2
Licensed brokers review and compete on your quote
- 3
Compare offers and choose
No obligation
Frequently asked questions
What does commercial property insurance cost?
It depends on construction, occupancy, location, the declared values and your claims history. A suburban office and a food processing facility are priced very differently even at the same value. Fire protection and risk management measures can move the number materially. A broker can put the risk to several insurers and come back with real figures.
I lease my premises. What do I need to insure?
Usually your stock, plant, fit out and business interruption, plus whatever the lease obliges you to carry. The landlord insures the structure. Leases vary a great deal in how they allocate responsibility, particularly for glass and tenant's improvements, so have your broker read yours before setting the cover.
What is a co insurance or average condition?
It allows the insurer to reduce a claim in proportion to any underinsurance where the declared value is materially below the true replacement cost. It applies to partial losses as well as total ones, which surprises people. Keeping declared values current through periodic valuations is the way to avoid it.
Is loss of rent included?
Often available, sometimes as a separate section. It responds where an insured event makes the premises untenantable and rent stops. The indemnity period needs to be long enough to cover demolition, approvals and rebuilding, which on a commercial building can run well beyond twelve months.
Do I need public liability as well?
Almost always. Property cover responds to damage to the property itself, not to claims by people injured on it. Public and products liability is usually arranged alongside, and many commercial leases and contracts specify a minimum limit.
Does CoverMy sell the insurance?
No. CoverMy passes your request to licensed Australian brokers who contact you directly. All advice, quotes and policies come from the broker you deal with. There is no cost and no obligation.
Get commercial property insurance quotes
Tell us about the property and licensed brokers will be in touch. Or call 1800 677 761.
Other cover you might need
This page is general information only. It does not take your situation into account and it is not a recommendation to buy any policy. Cover, limits and exclusions vary between insurers, so read the Product Disclosure Statement and Target Market Determination and refer to your broker for the full details of any policy.
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This page is general information only. It does not take your situation into account and it is not a recommendation to buy any policy. Cover, limits and exclusions vary between insurers, so read the Product Disclosure Statement and Target Market Determination and refer to your broker for the full details of any policy.
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