How to get the most out of your commercial property insurance

How to get the most out of your commercial property insurance

How to get the most out of your commercial property insurance

If your business operates from its own premises, it’s likely that your company actually owns the property where your business is located. So given that you own at least one commercial property, how do you get the most value from your policy? 

Your first step is to locate a reputable insurance provider who offers you a policy that covers everything you need, and this something an Insurance Advisernet Adviser can help you with.  

Here are five more actions you can take to make sure that you get the best policy for your business.

1.   Commercial Property Insurance or Industrial Special Risks Insurance?

There’s a big difference between Property Insurance and Industrial Special Risks Insurance. That’s because whilst both policies offer broad coverage, Industrial Special Risks Insurance is an All-Risks Policy that provides cover for high value physical assets. An Insurance Advisernet Adviser can help you understand the value of your assets so that you know the type of insurance you need. It’s important to note that high value assets can be owned by SMEs, as well as large multinational corporations, so the size of your company does not preclude this type of insurance, it’s the value of the assets that counts. 

2.   Other types of Insurances to cover your Property and assets

In addition, there are other types of Insurances which may be relevant for your business assets. For example, Marine Transit, Electronic Equipment, Marine & Hull, Motor Insurance, and Plant & Equipment. All of these policies are designed to protect your business assets in different forms.

3.   Compare policies

Similar policies from different providers will vary slightly in a variety of ways, for example their premiums and excess payments. You can check online comparison sites, but your best option is to work with an Adviser who can help you opt for the policy that gives your business the cover it needs, at a reasonable cost.  

4.   Premiums can be negotiated 

Whilst providers have set rates for their policies, discounts may be available. Keeping risk management up to date can ensure the best discounts are received.   

5.   Reduce your business risks

The lower your business’s risk profile, the lower your risk to the provider and the better your premiums. So it pays to reduce the risks to your business, as this will help you to get more out of your property insurance. Options include installing a monitored alarm system at your premises, hiring security personnel, installing password coded external locks, and so on. 

In the end, the key to reducing the financial loss within your business is ensuring you have the right type of property policy to cover your business requirements and needs. The key to getting the most out of your Property Insurance however, is to work with someone that can really understand your needs and offer you policies that better suit your needs. To decide what type of Property Insurance may be suitable for your business, contact Lewis Insurance Services on 07 3217 9015 or send us an email by clicking here, we can guide you with Emergency Planning and Business Continuity. We pride ourselves on being informed about risk and insurance and ensuring you have the right Insurance policy for your needs.

This article was published by our AFSL Licensee, Insurance Advisernet Australia P/L,

This information and any accompanying material does not consider your personal circumstances as it is of a general nature only. You should not act on the information provided without first obtaining professional financial advice specific to your circumstances and considering the Product Disclosure Statement.