Commercial Property Owners & Developers
Commercial property owners and developers face unique challenges, from protecting valuable assets to managing complex projects. Safeguard your investments with tailored insurance solutions designed to cover risks like business interruption, property damage, liability claims, and construction delays. Whether you own a single property owner or oversee large-scale developments, we’ll focus on keeping your assets secure and your projects on track.
Products
- Business Interruption
- Property
- Management Liability
- Cyber
- Equipment Breakdown
- Public Liability
- Workers Compensation
- Professional Indemnity
- Crime
- Marine
- Motor
- Corporate Travel
- Product Liability
Some significant exposures for commercial property owners and developers
- Business interruption – loss of rent due to property damage or inability to evict a non-paying tenant
- Business interruption – closure by order of a public authority
- Crime – fraud-based claims and employee dishonesty
- Crime – theft of petty cash
- Cyber – external hacking to gain access to sensitive/confidential client information
- Equipment – breakdown of business-critical equipment
- Management risks – breaches of WHS legislation, discrimination, privacy breaches and other employment practices liabilities
- Product liability – corporate giftware
- Property damage – own office buildings and machinery e.g. faulty wiring and malfunctioning of electrical equipment, computer screen being left on outside business hours.
- Property damage – tenant properties due to variety of inherent hazards associated with the occupation of the tenants which may vary substantially
- Public liability – liability of landlord for condition of rented property, liability under tenancy agreement
- Public liability – slips, trips and falls with customers getting injured when visiting business premises
- Workers’ compensation – evictions, own repair and maintenance staff
- Workers’ compensation – repetitive strain injuries, eye strain due to poor ergonomics in office environments
Product Spotlight – Business Interruption
Business Interruption Insurance protects businesses against financial losses resulting from unexpected disruptions to operations, such as natural disasters, fires, or other insured events. It covers lost income, ongoing expenses, and additional costs needed to resume normal operations. This insurance is crucial for maintaining financial stability during unforeseen interruptions
Underinsurance
As important as having the cover for business interruption, is ensuring that you have the right level of cover. Calculating the right sum insured and indemnity period is crucial to help avoid the risk of underinsurance. Every business is different and it is recommended that an individual sum insured be calculated for the specific needs of every client.
Read more about underinsurance.
Delving into AICOW
Additional Increase in Cost of Working (AICOW) is a supplementary coverage within the ambit of business interruption insurance. It specifically addresses the additional expenses a business incurs to minimise the loss of gross profit following an insured event. These are over and above the normal operational costs and are incurred specifically to expedite the return to business as usual.
AICOW can include expenses such as renting temporary premises, leasing emergency equipment, or even increasing the workforce to catch up on backlogs. This coverage is pivotal because it enables businesses to implement swift and effective measures to mitigate losses without waiting for the complete restoration of the damaged property or infrastructure
The Synergy of Business Interruption and AICOW
Integrating business interruption insurance with AICOW coverage provides a robust safety net for businesses. While the former ensures that a company can weather the storm of lost income during unforeseen closures, the latter empowers businesses to take proactive steps in minimising the duration and impact of such interruptions.