Commercial Landlord Insurance
As a commercial landlord your asset is really two things: a building and an income stream, and an insured event takes both at once while the mortgage, rates and land tax keep running. We arrange landlord programmes for single-tenancy investments, multi-tenanted buildings and SMSF-held commercial property.
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What commercial landlords need covered
The Building, Rebuilt to Today's Codes
The sum insured should be the cost to rebuild now, including demolition, debris removal, professional fees and compliance upgrades that current codes will force on the rebuild. Insuring to market value or purchase price is the classic commercial under-insurance trap, and average clauses cut claims accordingly.
Loss of Rent and the Indemnity Period
Loss of rent replaces the income an insured event stops, but only for the indemnity period you selected. Demolition, approvals and a commercial rebuild routinely run past twelve months, and the period keeps running while you find a new tenant, so it deserves more thought than a default.
Property Owners Liability
As the owner you carry liability for the parts of the property you control: car parks, common areas, the roof, the footpath awning. This is the cover your lease and your lender both expect you to hold, and the limit should reflect the foot traffic your tenants generate.
Your Tenant's Trade is Your Risk
Insurers rate your building on what happens inside it. A tenant who starts spray painting, battery storage or commercial cooking changes your risk, and an undisclosed change can cost you a claim. Tell us when a tenancy changes hands or a use changes, before it does.
Vacancy Between Tenants
Cover is commonly restricted once a property has been unoccupied beyond a set period, right when the risk of vandalism, squatting and undetected water damage is highest. A vacancy needs to be declared and endorsed, not quietly ridden out.
Recovering the Premium as an Outgoing
Under most Australian commercial leases the insurance premium is a recoverable outgoing, apportioned across tenants. Getting the policy structured so it is cleanly recoverable, and disclosed the way the lease requires, keeps the cost where the lease intends it.
Cover, limits and examples shown are general in nature and subject to eligibility, underwriting and the terms of the issued policy.
Reviews are for Stonewell Insurance, the business behind Commercial Property Cover. Authorised Representative of McLardy McShane Partners Pty Ltd (AFSL 232987).
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Commercial Property Cover is a trading name of Stonewell Insurance Pty Ltd (ABN 23 645 965 699), Corporate Authorised Representative No. 1285612 of McLardy McShane Partners Pty Ltd (ABN 14 064 465 309, AFSL 232987).