Commercial Property Insurance protects your factory, warehouse, office building, or even your market stall, against loss or damage due to fire, water, storm, impact, malicious activity, vandalism, accidental damage and more.

It seems simple – you pay the premium and in the event of damage to your commercial premises, your insurer organises the repair, rebuild or possibly a payout to compensate for the damage.

However, as with all insurance policies, it is important to be aware of the inclusions and exclusions when you take out the policy and not when you are making a claim. Will your policy extend to cover the cost of demolishing? removing the debris? relevant permits to demolish or rebuild?

What about cover for loss of income while the premises or key equipment is unusable. For this, you will need Business Interruption Insurance

You should also be aware of the consequences of under-insuring as it is a false economy to scrimp on this cover & save a few dollars of premium compared to not having the right cover in the first place or even the right level of cover. Melbourne Insurance Brokers will assist you in calculating a suitable level of cover, ensuring that you are insured appropriately.