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Commercial Property Insurance

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WE WORK WITH TRUSTED A-RATED INSURANCE COMPANIES

Commercial Property

Commercial Property Cover

Commercial property insurance, as the name suggests, is a type of insurance that provides financial protection for your building or physical structures against a range of risks, including but not limited to, fire, flood, storm damage, earthquakes and other unexpected events.

Why Gerrards?

5mins

Average time to complete our online application

20%

The savings generated a typical sees when switching to Gerrards

10+

A-rated commercial property insurance companies that we partner with 

24/7

Support from a 5-star rated insurance broking team

Types of Commercial Properties we can help

Just as buildings come in all shapes and sizes, so too does commercial property insurance. 

Commercial Building 

Commercial building insurance is designed specifically for properties used for business operations. This could include offices, retail stores, restaurants, and more. The policy generally covers the building itself, including any structural elements and permanent fixtures. It can protect against a wide range of risks, such as fire, storm, theft, and other unforeseen damages.

Commercial Property Insurance Commercial Building

Industrial Building 

Industrial building insurance is designed for properties used for industrial purposes. These could include warehouses, manufacturing plants, or storage facilities. Similar to commercial building insurance, this policy covers the building, its structural components, and permanent fixtures against damages. 

Commercial Property Insurance Industrial Building

Body Corporate / Residents Associations

Body corporate insurance, also known as strata insurance, is a type of insurance that covers properties with multiple owners, such as residential or commercial strata buildings. The policy generally covers common areas and shared structures, including the building itself, common property like lifts, swimming pools, car parks, and even the owners’ fixtures within individual units.

Commercial Property Insurance Body Corporate

Apartment Building 

Apartment building insurance is designed specifically for residential properties divided into multiple units. Similar to body corporate insurance, this covers not only the building’s structure but also common areas like lobbies, stairs, and gardens. 

Commercial Property Insurance Apartment Building

Two ways to get covered

Apply Online

One application reaches up to 10 A-Rated commercial property insurers.

Speak to a Broker

Get world class advice, reccomendations and deals from one of our brokers.

What does commercial property insurance cover?

Building insurance, also known as commercial property insurance, generally covers:

Physical structure

This encompasses any damages to the physical edifice of the building, including the walls, roof, and floors. Coverage is typically provided for damages resulting from unforeseen events such as fires, storms, or vandalism. However, it's crucial to note that certain significant events, like earthquakes or floods, may require specific additional coverage, particularly in certain regions of New Zealand that are more susceptible to these natural disasters.

Permanent fixtures & fittings

These refer to elements that are integrated into the building and cannot be removed without causing damage. This could include items such as the heating system, built-in kitchen appliances, or fitted wardrobes. Should these fixtures and fittings get damaged due to an insured event, your building insurance would cover the costs of repair or replacement.

Additional Structures

Building insurance often extends to other structures connected to the property. This includes structures like garages, fences, and sheds. It's important to remember that the specifics of what's covered can vary from policy to policy, so it's always essential to understand the terms and conditions laid out by your insurance provider.

How Do I Calculate the Rebuild Cost of My Commercial Building?

Calculating the rebuild cost of your commercial building is a complex process. It’s more than just a matter of knowing the size of your building and the materials used. It involves a deep understanding of construction costs, building regulations, and even local conditions. Due to this, in most cases, you will need to engage a professional valuer. 

A professional insurance valuer is an expert in estimating the value of a property. They’re familiar with building regulations, construction costs, and many other factors that could influence the rebuild cost of your commercial building.

Using a professional insurance valuer can help ensure that the rebuild cost is accurately calculated. This not only provides you with a reliable basis for your building insurance coverage but also ensures you are not overpaying or underpaying your premiums.

Insurance valuers consider a range of factors when calculating the rebuild cost of a building. These include the building’s age, size, materials used, location, design, and more. They also take into account external factors like labour costs, professional fees for architects or engineers, removal of debris, and even compliance costs with any changes in building codes or regulations.

An insurance valuer can also assess the indemnity value of your building. The indemnity value is the cost to repair or replace the property, less a deduction for wear and tear or depreciation. This essentially represents the ‘used’ value of the property and can often lead to a lower fire services levy, which funds firefighting and emergency services.

While it might seem tempting to estimate the values yourself or use online calculation tools, the cost of inaccuracies could far outweigh the cost of a professional valuation. A professional insurance valuer provides a detailed and accurate appraisal, ensuring that you have the right level of coverage for your property and that you’re paying the correct amount for your fire services levy.

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