COMMERCIAL LANDLORDS INSURANCE
Commercial Landlords Insurance is designed to help you protect your commercial investments. Whether you own a Retail Shop, an Office Space or an Industrial Unit; it is important to have the right insurance to protect your investment properties.
In addition to cover for the Building and the Fixtures, a commercial landlords insurance policy can also cover:
- Damage by Tenants
- Eviction Costs
- Loss of Rental income caused by Damage to the Building or Unit
- Loss of Rental income due to tenant default or lease abandonment
- Glass Damage in a Tenanted Area
- Lot Owners Liability for Commercial Strata Units
I have a business insurance package, is that the same?
No. Business Insurance packages are designed with business owners in mind. This is great if you own and occupy the premise, but it isnt designed for commercial landlords who rent out their investment property.
In some cases, a commercial landlords insurance policy may not be available due to the tenancy type, the construction or age of the premise, or some other underwriting decision, in that case a business package is better than no option; but a business package in most cases will not provide cover for Rent Default, Glass in a tenanted area or eviction costs of a tenant.
My strata insurance covers ....
In many cases Strata Insurance may allow for landlords fixtures, loss of rent and in some cases landlords fitouts within the strata policy. It is important to remember that whilst a strata policy may allow this as a benefit, it is up to the executive committee as to whether or not they allow a claim under their policy for what is essentially a lot owners concern. Even if a major disaster occurs, such as an extensive fire, the level of cover that their policy provides may not be sufficient to your needs if the Building Sum Insured (BSI) is exhausted rebuilding the building. We therefore recommend commercial landlords insure their own insurances regardless of what the strata provides within their policy of cover.
Can you quote the Strata Insurance too?
Yes we can. However, only an executive committee member (or their appointed strata manager) can request quotations and cover for strata insurance within NSW. As a new lot owner you should discuss how you can be involved with the executive committee. We would be more than happy to discuss this with your strata executive committee or strata manager.
What if my tenancy changes, or it becomes unoccupied?
Your insurance is based largely around the occupation of your tenant. Some tenants will be considered a low risk, while others may be hazardous. If we have arranged your insurance and your tenancy changes or the suite becomes unoccupied, you should contact our office immediately to advise of the change.
My property is self managed, can I still get Landlords Insurance?
Yes, however some sections of cover will not be available; in particular, rent default cover is only available with most insurers when you professionally manage your property. However, you can still insure on a Commercial Landlords Insurance policy to ensure that damage by the tenant is insured and any consequential loss of rent is insured which would otherwise not be insured on a business insurance package.