When it comes to protecting your business from unexpected costs, commercial insurance for your property is essential. Unfortunately, many businesses are underinsured with their property insurance which leaves them at significant financial risk following an unexpected event such as a fire or storm. No matter the size of your business, you need to make sure you have the right level of cover in place; and with that in mind, we’ll be taking a closer look at commercial property insurance.
What is commercial property insurance?
Commercial property insurance is designed to protect your building and fixtures from insured events, such as damage from occurrences like fire, burst pipes, and storm damage. When you consider how important your business premises are when it comes to running your business, it’s easy to see why it’s so important to have the right insurance in place so you can get back up and running as quickly as possible with minimal financial impact.
Depending on your policy, you can also obtain coverage for commercial equipment and can opt for additional cover for events such as theft. With some events, such as flood damage, these may not be automatically included in your policy and you’ll need to check with your insurer if you require additional coverage.
How much will commercial property insurance cost?
The cost of your commercial insurance will depend on a number of factors including:
- Location – The location of your premises and whether it’s prone to natural disasters such as storms or flooding.
- Property – type The construction of your premises and whether there are risk-reducing factors such as fire-resistant material or sprinklers.
- Industry – The industry you work in will also impact on cost as some businesses, such as restaurants, are more at risk from events such as fire.
- Value – The value of your premises and associated fixtures and equipment will affect your premium.
How do I make sure I’m not underinsured?
The primary reason for underinsurance is that business owners underestimate how much the cost of repairs and replacements would be for their property. Take the time to accurately assess how much cover you need for your commercial property so you’re not caught with a major shortfall if you need to make a claim. If you need help when it comes to deciding on an insured amount, speak to your insurance broker – they have the industry experience to ensure you have the right level of cover.
GSK Insurance Brokers are expert commercial property insurance brokers and we have extensive experience when it comes to tailoring a commercial insurance package to suit your needs. We’re one of Australia’s leading insurance brokers and we pride ourselves on our attention to detail and personalised approach to customer service. We take the time to analyse your areas of risk so your business is protected financially.
For commercial insurance solutions, contact GSK Insurance Brokers today at (08) 9478 1933.