Are You Ready for the Unexpected? Commercial Property Insurance Could Save Your Business

From the moment the settlement date arrives on your newly purchased business building — you need commercial property insurance.

Up until now, the vendor has been responsible for safeguarding the building against unforeseen events — now, as you proudly take over ownership, it’s your obligation to defend the bricks and mortar.

Sure, a claim-causing catastrophe on day one is unlikely — and would be remarkably bad luck. But it could happen, leaving you to face costly expenses and legal fees.

In any case, business property insurance is crucial going forward. Whether you own real estate, a retail unit, an office, or a warehouse — storm, fire, flood, or vandalism could hit at any time. This could devastate the building and its contents and equipment — or even impact your enterprise’s ability to trade.

The best commercial property insurance protects your valuable assets, investments, and business interests — providing stability, reassurance, and peace of mind.

What Properties Are Covered by Commercial Building Insurance?

It doesn’t matter whether you purchase a commercial property as an individual, partnership, or company — nor is it important whether you use the building for your own enterprise’s activities or rent it to a tenant. In any of these circumstances, you can obtain insurance for commercial property owners.

Here in Sydney, typical commercial premises insurance policies include:

  • Commercial shop insurance.
  • Warehouse building insurance.
  • Office and office block insurance.
  • Commercial unit insurance.
  • Healthcare facility insurance.
  • Industrial building insurance. 
  • Commercial real estate insurance.
  • Sports venue insurance.
  • Commercial landlord insurance.
  • Shopping centre and mall insurance.
  • Factory insurance.
  • Beauty treatment facility insurance.

What Does Building Insurance Cover Against?

If you sit around thinking about what disasters could befall your commercial property — you’re going to cause yourself many sleepless nights.

Costly challenges seem to be around every corner. Old and decaying pipes bursting, late-night drunkards smashing windows, burglars forcing entry, or an earthquake completely destroying your property. The world is obviously out to get you and your bricks and mortar.

Admittedly, if you’re a seasoned business property owner with a portfolio of premises — you’ve probably come to terms with these risks. But, if you’re taking your first tentative steps into commercial building ownership — you’re naturally cautious and concerned.

Commercial property insurance coverage is your ultimate shield of defence. Not just addressing the costs associated with unexpected events, but most importantly, acting as a reassuring comfort blanket — knowing that should the worst happen, you’re covered.

The best commercial building insurance broker firms will create tailored safeguarding that addresses the particular risks of your business or property type — ensuring you only pay for the protection you need.

Most commonly, this will include cover against:

  • Burglary.
  • Natural disasters.
  • Malicious damage.
  • Accidental damage.
  • Tenant improvements.
  • Machinery breakdown.
  • Plumbing leaks.
  • Fallen trees.
  • Fixture and fitting damage.

Property Insurance for Commercial Property — Is It a Legal Requirement?

Here in Australia, having commercial property insurance isn’t compulsory under current law. That said, having no protection is akin to leaving a hefty pile of cash on the street, and then crossing your fingers in the hope that no one decides to take it.

Without protection, every day you’re playing Russian roulette with your business premises. The cost of cover is remarkably affordable — compared to the expense of replacing stolen equipment, repairing the roof, or rebuilding the property in its entirety.

Apart from being an issue of common sense, some circumstances do necessitate obtaining insurance for building and contents cover.

Most financial institutions will only provide financing secured against a property if it’s fully insured. Furthermore, a few industries and professional bodies may make building insurance compulsory as part of their membership requirements.

How Much Is the Business Property Insurance Cost?

No two businesses, their premises, or inherent risks are identical — and neither are their commercial building insurance premiums.

If you speak to a reputable business property insurance broker, they will build a bespoke policy that addresses the particular needs of your enterprise and premises. 

This tailored and focused approach ensures that you receive a cost-effective commercial property insurance quote — providing only the cover you need, and ensuring you don’t pay for irrelevant or unnecessary protection.

When pricing up your business building insurance, the best brokers will look at:

  • Building valuation.
  • Size of the premises.
  • Location of the building.
  • Age of the property.
  • Condition of the premises.
  • Intended use of the building.
  • Existing security measures.
  • Extent of building cover required.
  • Number of employees on the premises.
  • Level of stock housed in the premises.
  • Insurance claim history/severity of the trade using the building.

PIB – Sydney’s Respected Specialists in Commercial Building Insurance

From day one, your commercial premises needs protection — PIB will work relentlessly to defend your property, business, and investments.

Backed by almost 40 years of industry experience, we have the knowledge, specialism, and market insight to deliver the pinnacle of bespoke building cover — defending your bricks and mortar from the unexpected.

Rest assured, off-the-shelf and one-size-fits-all aren’t phrases in our vocabulary. Instead, your dedicated property insurance advisor will work ceaselessly with you to create a tailored policy — crafted to the risks faced by your building. Therefore, keeping premiums competitive, affordable, and within your budget.

From initial quote through to claims handling — we’re with you every step of the way. Speak to us today to get a rapid quote for your commercial property insurance.

PIB – Professional Insurance Brokers
3 Harold Street
North Parramatta NSW 2151
Ph: (02) 9630 8788