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Bespoke Insurance Group

B-02Business

Commercial Propertyinsurance.

Cover for commercial buildings and the risks that come with owning them.

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B-02 · Elevation

01 · The exposure

The building is the asset. Its use is the risk.

Commercial property insurance, commonly referred to as building insurance, covers loss or damage to non-residential properties such as offices, warehouses, shops and industrial units. The right cover depends on the insured value of the property and how it is used and operated, including by your tenants.

02Scope

What this covercan respond to.

A general guide. What a particular policy covers depends on its wording, limits, conditions and exclusions, and on what is declared to the insurer.

  1. 01Loss of or damage to the building from insured events such as fire, storm and malicious damage
  2. 02Loss of rent following an insured event, where included
  3. 03Property owner’s liability, where included
  4. 04Flood, where selected and available for the location
Often discussed byCommercial property investorsOwner-occupiersIndustrial and warehouse ownersMixed-use property owners

03What we look at

Where the detailmatters.

  • Replacement value, not market value

    The cost to rebuild, including demolition, professional fees and compliance with current building codes, is often very different from what the property would sell for.

  • Tenant activities

    A change of tenant can change the risk dramatically. Insurers need to know who occupies the building and what they do.

  • Vacancy

    Many policies restrict cover for buildings left unoccupied for an extended period. Tell us before a property becomes vacant.

04 · Before we talk

Questions yourbroker will ask.

Having these answers to hand makes the first conversation faster and the submission to insurers stronger.

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  1. When was the rebuild value last assessed?
  2. Who are your tenants and what do they do on site?
  3. What is the construction type, age and condition of the building?
  4. Is the property in a flood, bushfire or cyclone exposed area?

05 · Questions

Frequently asked.

Should I get a professional valuation?

For larger or older buildings, an insurance valuation from a qualified valuer or quantity surveyor is often the most reliable way to set the sum insured.

Does commercial property cover my tenant’s contents?

Generally no. Tenants insure their own contents, fit-out and liability. Your lease should say who insures what.

Related cover

Commonly part of programs for property & strata.

Talk commercial propertythrough with a broker.

A short conversation is usually the fastest way to know where you stand. No obligation, and no form required if you would rather call.

Speak to a brokerRequest a quote

Or call 1300 513 652, answered 24/7