Are you confident that you are adequately covered in the event of an incident that affects your Commercial Property?
Commercial Property Insurance
You are liable for Property Damage and Bodily Injury
Property owners are held accountable for both property damage and bodily injury to a member of the public, even if you have the property leased by a tenant. Your tenant may have insurance for their business activities, however, it is essential that you, as the property owner, have Property Owners’ Liability Insurance in place.
Your building is not covered under a Commercial Strata Plan
Even if your building is insured under a Commercial Strata Plan, once a member of the public steps inside your property the public liability insurance under that policy stops there. Commercial Strata policies only cover the common areas.
Building, Loss of Rent and Plate Glass Cover
We strongly suggest that you check you have cover for the Building, Loss of Rent and Plate Glass cover. If you require one of Honan’s advisors to review you current policy, doesn’t hesitate to call us on 1800 981 377 or email firstname.lastname@example.org
Commercial Landlord Insurance
As a unit owner within an Owners Corporation, there is a significant exposure that falls outside of the Owners Corporation Insurance policy
It is important to understand that within each unit that there is no protection or cover unless the unit owner obtains a stand alone Commercial Landlords insurance policy. It is the unit owner’s responsibility for the following internal exposures:
Paint on internal walls, carpets, curtains & blinds, light fittings, & window treatments, window air conditioners and a number of other items.
Loss of Rent
Loss of rental income as a result of damage to the internally owned property which renders the unit untenantable (e.g. whilst repairs take place and up until the time the premises are re-occupied or re-let).
Theft of unit owner’s fixtures and fittings or any furnishings provided within the unit (e.g. partitions, desks, shelving, etc.).
Internal glass not forming part of the body corporate including basins, bowls & toilets.
As a unit owner, you are responsible for injury or damage that occurs within your unit. Generally the Owners Corporation is responsible for common areas only.
Machinery breakdown of items that owners of a unit are responsible for (e.g. split system air conditioners).
Insurance Policy Overview
Commercial Landlord Insurance is designed to provide the necessary insurance protection in respect to commercially tenanted unit, i.e. strata title office suites, strata title shops and strata title factory units.