Insurance cover is important for the peace of mind of any business owner, particularly Commercial Landlords who take on greater risk by assuming responsibility for others residing in their property. When it comes to protecting your investment property, Commercial Landlord Insurance can provide comprehensive cover against unintentional and deliberate acts by tenants, as well as damage caused as a result of circumstances out with their control.
What is Commercial Landlord Insurance?
Commercial Landlord Insurance is designed to protect owners of commercially tenanted units such as strata title office suites, strata title shops and strata title factory units.
Commercial Landlord Insurance can help protect your investment property against unintentional and deliberate damage.
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The Importance of Commercial Landlord Insurance
Property is a top investment choice for many Australians, and so it makes sense that an increasing number are becoming landlords. Protecting your investment property however, takes more effort than just sitting back and collecting the rent. The ‘landlord’ title comes with certain responsibilities and risks, which should be backed up with a comprehensive insurance policy.
What Risks May Commercial Landlord Insurance Cover?
- A landlord owns an office property that they rent out to an accounting firm. A fire is sparked from faulty computer wiring, destroying furnishings, curtains and carpets. Commercial Landlord Insurance may cover the costs of replacing these items.
- After failing to receive payment from the self-employed tenant of his property, a landlord discovers his tenant has absconded. As a result, he accumulates considerable expenses, including loss of income, which may be covered under a Commercial Landlord Policy.
- A fitness instructor rents out a small studio where she trains clients. The floor is seriously damaged as a result of the heavy equipment that she uses. Commercial Landlord Insurance can cover the cost of repairing or replacing the floor at the end of the tenancy.
- The boiler in a rented retail store breaks down. Commercial Landlord insurance can cover the costs accumulated by the landlord for repairing or replacing it.
As a commercial landlord, the ability to continue to generate profitable income is dependant upon managing, mitigating and transferring risks. It is possible to reduce the risk that you are exposed to, however risk cannot be totally eliminated. It is therefore imperative to back up your prevention strategies with a comprehensive insurance policy that can fully protect your investment property, your assets, and your tenants.
What are the Key Things that May be Covered in a Commercial Landlord Policy?
The most appropriate Commercial Landlord policy for you will depend on the property that you lease, its contents and its tenants, however a typical Commercial Landlord policy may cover:
- Commercial Property Cover: Covering costs for repairing or replacing your commercial property and assets, in the event that they are damaged by your tenant or by fire, flood or storms. Cover may include carpet, blinds/curtains, removable light fittings, refrigerators or air conditioners.
- Loss of Rent: Protecting you in the event that your tenant must vacate the property as a result of damage which renders the property untenentable. This cover indemnifies you for the loss of income whilst repairs take place.
- Theft: Cover for the theft of your fixtures and fittings or any furnishings that you may provide within the property.
- Glass: Protecting you for costs incurred as a result of accidental breakage of plate glass.
- Liability: Covering you for your legal liability that arises out of the ownership of your property. Liability can cover defence costs or any compensation payouts in respect to an occurrence that causes personal injury to third parties or property damage to property belonging to third parties.
- Machinery Breakdown: Cover for the machinery breakdown of items that you, the owner of the property, are responsible for, such as the boiler or air conditioning unit.
Who Needs Commercial Landlord Insurance?
Commercial Landlord insurance is essential for all commercial property owners who rent out their space to tenants; whether that be a single office, or a chain of shops or large warehouses.
When you rent out your property, you trust that it will be looked after, but unfortunately this isn’t always the case. Although most tenants will look after your property as if it were their own, there is always the possibility for unintentional or malicious damage. Furthermore, you depend on the income from your commercial property and should be covered in the event that this is not received.
How PSC Direct works for you
As specialist small business insurance brokers, PSC Direct uses our considerable experience to provide multiple quotes for you. Combining our expertise insuring thousands of other similar businesses with our detailed database of insurers and insurance products; we’re best placed to advise you on the right insurance for your business.
We have strong relationships with the leading underwriting agencies and insurance companies. We can source the most appropriate business insurance policy for you, covering you for what you really need, at the right price.
We can help sole practitioners, small, medium and large businesses protect the businesses you are growing and ensure your assets are covered in the event that disaster strikes.
With our strong relationships to a broad range of highly-rated insurers we are able to advise you on business insurance, professional indemnity insurance, and professional indemnity insurance specifically tailored to meet the risk exposure of your business.
We can also provide advice on a range of additional insurance policies and cover that can affect your business and make sure you have the right insurance at the right price.
72% of Australian businesses fail after experiencing a major loss.
The right business insurance will ensure you are not one of them.
While good insurance covers you for most things – Professional Indemnity, Professional Liability and Property, great insurance covers you for the specific risks that your business faces. We understand that every business is unique and you need a policy that addresses the specifics. We make sure that when you have a claim that’s out of the ordinary and complicated, you’re covered.