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What is commercial buildings insurance?

Commercial buildings insurance is designed to protect you and your business if something unexpected happens to your business premises. There are certain risks that come with being responsible for a building that is being used for commercial purposes. Commercial buildings insurance covers your building against fire, theft, damage and more.

You may also choose to extend your protection with business contents insurance. This covers the repair or replacement of contents within the building.

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What does commercial buildings insurance cover?

Most commercial buildings insurance policies provide cover for the following:

  • Fire, lightning, explosion or earthquake
  • Storm or flood
  • Civil disturbance or malicious acts
  • Escape of water
  • Accidental damage
  • Damage and theft to contents

Why do I need commercial buildings insurance?

Commercial buildings insurance is not a legal requirement however it provides a business with security when disaster strikes. If you have taken out a mortgage out on the building, the lender may require you to have commercial buildings insurance in place as part of the agreement. If you are a tenant, the responsibility to take out commercial buildings insurance lies with the landlord however the tenant may still take out contents insurance.

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Frequently asked questions

No, commercial property insurance is not a legal requirement however it is important to ensure that in the event of a disaster, your property can be restored to it’s previous condition as quickly as possible.
Your commercial property insurance premium will be based on a number of factors including: Business type, location of premises, number of employees and payroll.
Yes, commercial property insurance covers theft however there must be evidence of the thief’s forcible entry to the premises.
Yes, commercial property insurance covers fire damage however subterranean fires and damage from explosions are excluded.
Yes, commercial property insurance covers damage to the premises by escape of water from any natural or artificial watercourse. Underwriters may increase the premium or exclude flood cover all together depending on the location of the premises
No, commercial property insurance does not cover incidents that have arisen from wear and tear.
The best way to get an accurate cost for the rebuilding of your property is to get it surveyed by a qualified surveyor.
In the event of a claim where the cost to rebuild your property exceeds the value for which it was insured for, we will proportionately reduce your claims settlement.

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