Commercial Property Insurance
What is Commercial Property Insurance?
Commercial property insurance helps protect owners from financial loss caused by damage, theft, or liability events involving their assets, which includes office, retail, or industrial properties.
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Properties can be insured individually through standalone policies, or grouped under a consolidated insurance program, tailored to the specific needs of a larger portfolio. This flexible approach allows for more efficient and robust coverage across the portfolio.
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We work closely with property owners, fund managers, and commercial property managers to assess your insurance needs and deliver market leading insurance protection for your investments.
What's covered in a Commercial Property policy?
A commercial property can include office, retail or industrial assets. While each property type may have slightly different insurance needs, the core coverage typically remains the same, with Building, Rental Income, and Public Liability insurance considered essential pillars of protection.
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The type of policy required often depends on the size and value of the property.
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For properties valued under $5 million (including building and rental income), a Business Package policy is usually suitable. For properties exceeding this value, an Industrial Special Risk (ISR) policy is recommended, offering broader and more comprehensive coverage.​
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Below is a summary of the key insurance coverages commonly included in both Business Package and ISR policies.
Building Replacement
Covers the cost to rebuild the property, includes elements such as demolition, and debris removal.
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Legal / Public Liability
Covers legal costs for third-party injury or property damage you're liable for e.g. third party slip or fall.
Claims Preparation Costs
Pays for expert help to prepare and manage claims, helping you to unlock the full potential of your policy.
Theft
Covers stolen items due to forced entry, may not apply if contents are tenant owned.
Contents
Protects loose items like furniture and electronics owned by the property owner, not the tenants.
Business Interuption
Covers rental income and outgoings during the rebuild period. Recommended for a minimum of 24 months, depending on property size.
Machinery Breakdown
Covers damage to mechanical systems like lifts or chillers, excluding damage from wear and tear or poor maintenance.
Loss of rent
Ensures rental income continues while the property is uninhabitable due to damage caused by an insured event.
Extra Cost of Reinstatement
Covers upgrades required by councils or authorities to meet current building standards after a loss.
Glass Replacement
Covers broken glass items like windows or displays. Often required to be covered by tenant’s policy, which can be confirmed on the lease agreement