Commercial Property Insurance

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No matter how well prepared or careful you may be, your physical assets will always be vulnerable to damage, which can result in costly interruption to operations and, subsequently, loss of profit.

Property damage can arise from a number of different circumstances, which can be extremely difficult to predict and prepare for. From fire, flood, theft and accidental or malicious damage, it’s important that your assets are fully covered.

What is Commercial Property Insurance?

Commercial Property Insurance provides your business with financial protection against damage to your physical assets.

Commercial Property Insurance can protect your physical assets in unexpected circumstances, with minimum losses.

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The Importance of Commercial Property Insurance

Disaster can strike at any time. Commercial Property Insurance gives you the peace of mind that comes with knowing you’re covered against the unexpected. If the worst does happen, it can be extremely difficult for your business to recover. Over 70% of businesses involved in a major fire either do not reopen, or subsequently fail within 3 years,

Commercial Property insurance can help keep your business afloat should you suffer from a one-off event, by helping you replace or repair these assets.

As a small business owner, the continuing success of your business rests upon your ability to manage, mitigate and transfer risks. It is possible to reduce the risk that you are exposed to by evaluating and taking your steps to minimise them, 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 business, employees and the general public.

What Risks May a Commercial Property Policy Cover?

Just as every business is unique, so are the risks that they face, and in the case of property damage, these risks are almost impossible to predict. For example:

  • A leisure centre’s sign is detached in a bad storm, damaging the building as it falls. Commercial Property insurance may cover the costs of replacing the sign and repairing damage to the building.
  • A burst water pipe causes a retail store to flood, damaging furniture, fixtures and fittings. Commercial Property insurance may cover the cost of repairing or replacing the retailer’s damaged property, as well as any leased property that was also insured.
  • A thief breaks into a hotel and steals a considerable amount of cellar stock. The business owner may be covered for the costs involved in replacing the stock under their Commercial Property Insurance.
  • A rural business’ tree falls on a neighbour’s vehicle during a storm and causes significant damage. The business owner’s Commercial Property Insurance may cover the cost of repairing the vehicle.
  • A fire starts in a computer repair store, destroying clients’ computers that were awaiting repair. The business’ Commercial Property Insurance may cover the costs to repair the property of others that is in this business’ care.

What Are the Key Things That May Be Covered By a Commercial Property Policy?

Commercial property insurance covers the damage to or loss of your business buildings and contents such as:

  • Your building
  • Your outdoor sign
  • Your furniture and equipment
  • Your inventory
  • Your fence and landscaping
  • Others’ property in your care

The types of loss and damage that will generally be covered by most providers include:

  • Loss of or damage to your property at your premises caused by fire, lightning or thunderbolt, explosion, earthquake, or volcanic eruption
  • Impact caused by vehicles, watercraft, falling trees or falling buildings on your own and neighbouring properties
  • Riot, civil unrest and labour disturbances
  • Storm, wind and rain, including snow, sleet and hail
  • Water damage caused by items such as damaged water mains, pipes and water systems
  • Accidental damage to property
  • Loss of or damage to your contents and stock caused by theft, attempted theft, armed hold up, assault or vandalism
  • Loss of or damage to glass or signs at your premises

Who Needs Commercial Property Insurance?

Your property is your business’s biggest asset and as such, should be protected. Every business can benefit from a Commercial Property Insurance policy, particularly in Australia, where the forces of nature can be destructive at times.

No matter what your business does or what industry you’re in, all businesses are susceptible to property damage. From natural catastrophes causing serious damage to business property, to theft and malicious damage from vandals, it’s imperative that your property is covered.

It is important to accurately value your property and the assets within it to ensure you are adequately covered.

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 Public Liability 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.