Commercial Insurance Brokers
Common Claims For Commercial Property Owners
Too often McKenzie Ross come across Commercial Lease Agreements that require tenants to insure property on behalf of a property owner. It is rarely an intelligent decision to allow a tenant to insure a building on behalf of you, the property owner.
Why? The reality is that in the vast majority of cases, the tenant is interested in one thing – premium savings. It is not the tenant’s asset, so why would they look for quality coverage and a good claims service?
At McKenzie Ross, we understand being a property owner is a significant investment for business owners, therefore we take the necessary care to find you the best commercial property insurance. With specialist knowledge in commercial freehold; including shopping centres, high rise buildings, office blocks and industrial, McKenzie Ross knows that comprehensive coverage and adequate indemnity periods provide clients with a better return on investment. Our team of experts can help you find the best insurance for your commercial building and property.
When planning to protect your property with commercial property insurance, McKenzie Ross adopts a three-pronged approach.
- Buildings, Fixtures and Fittings
- Loss of Rent & Outgoings
Buildings, Fixtures and Fittings
Our flexible approach to commercial property insurance allows businesses to obtain comprehensive full accidental damage insurance coverage and solutions, so owners can protect their buildings and physical assets against the unexpected.
Fire, water, explosion, malicious acts and other weather-related events all pose a serious threat of causing substantial damage to buildings, fixtures and fittings. McKenzie Ross’ expertise and experience enables us to create property damage coverage protection that suits the needs of your business, whether site specific or across multiple sites.
McKenzie Ross also supports and encourages property owners to use independent reinstatement value calculations to ensure sums insured are adequate. Without insurance valuations, property owners have no evidence that current reinstatement values (sums insured) are correct which can potentially save millions in the event of an under insured loss.
Loss of Rent & Outgoings
The fundamental principle behind Business Interruption on a Property Owner’s policy is to put the insured as new as money would allow in the same position as they would have experienced had it not been for the loss or disruption.
What so many property owners don’t appreciate until a loss occurs is just how much it costs to maintain outgoings and a mortgage on a property with no tenant that has burnt to the ground.
Liability for property owners protects landlords and property owners in respect of claims made against them for personal injury or property damage suffered by third parties arising out of the ownership of the property.
As a property owner, you have a legal responsibility to ensure that your property is well maintained and does not present unnecessary risks of injury or property damage to either tenants, visitors to the premises or members of the public outside the building.
Common Claims for Property Owners
Smashed windows, knocked down walls and graffiti. Properly securing your property can help protect against these incidents as well as saving you time and money.
Water damage claims can easily blow out to millions of dollars through mould and inaction. Peak season for water damage is September to March, which is storm season in Australia. Being prepared for bad weather and regularly maintaining your property helps reduce the chances of water damage.
Personal injury claims such as “slip and falls” on cracks in pathways and driveways can add up quickly. Keeping your property well maintained and clean will help make it safer. Having the correct level of commercial property insurance cover will potentially save you even more time and money.
Insurance is not something a landlord should leave to a tenant as a matter of course. If it is your asset, then you are best to control the commercial property insurance yourself. By using McKenzie Ross Commercial Insurance Brokers, we will ensure the commercial property insurance coverage meets your requirements and that Loss of Rent, including outgoings paid by the tenant, are adequately insured for a period long enough to reinstate the building following a loss.
With McKenzie Ross, you get the right property owners cover, backed by the financial strength and security of financially stable Australian and Global insurers. You can trust the team at McKenzie Ross to find you the best commercial property insurance.
Need guidance on the type of commercial insurance product or service that’s best for you? Talk to our broking teams today – Call us on (03) 9691 2222
Key Benefits Of Using McKenzie Ross
High level assurance that risks are transferred where intended.
A greater understanding of the risks retained in your organisation, some of which may require alternative management methods.
A formal process of risk identification that demonstrates good corporate governance to stakeholders.
Linkage between insurance and your organisation’s overall process for risk management.
Enhanced ability for ‘insurable’ risk to be transferred to insurance markets in the best possible light by demonstrating sophistication in identification and analysis.