Commercial Strata Insurance

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Commercial Strata Insurance is designed to cover a community titled commercial building which has common property areas such as foyers, carparks, stairs, and the like.

We specialise in commercial property and commercial strata insurance so if you’re looking for a competitive insurance option, look no further.

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What you need to know about

Commercial Strata Insurance and protecting your property.

A commercial strata insurance policy is typically taken out for a commercial property that has multiple dwellings, common properties and sometimes has an onsite manager who is responsible for maintaining the property, assisting with the management of leases and their applicable agreements. Each of these aspects have there own potential exposures which is why as a property owner it is important to have a suitable commercial strata insurance policy in place to protect such a large asset. 

It is also important to note that in some states strata properties and body corporate managers are also regulated to meet certain conditions with regards to their insurance policies. 

What does a commercial strata insurance include?

Commercial strata insurance policies will usually provide cover for the following:
  • The building along with the common property areas for fire, perils and storm damage 
  • Liability for the property owners of the common areas and the property as a whole (this does not cover the tenants engaging in their own business activities).
  • Fidelity guarantee which covers things like theft of fraudulent use of strata company monies
  • Office bearers liability for the office bearer who typically makes decisions about the property 
  • Personal Accident and illness cover for voluntary workers 

Why Priority Insurance Brokers?

Why should you use Priority Insurance Brokers to arrange your Commercial Strata Insurance?

Have questions about Commcercial Strata Insurance?

We have the answers

The most important thing to know about a commercial strata policy is how the insurers typically assess the premium tha they charge. Using this information can help you keep your insurance costs managable. The most important rating factors for an insurers premium is:

  • The sum insured of the building (this isn't something you can typically change as you need to be insured for the replacement value however, it is an important costing factor)
  • What tenants and businesses currently operate out of the premises. I have seen many situations where a lease agreement is signed and when the renewal is updated, premiums increase considerably due to high hazard occupations. 
  • Location of the property also has a large consideration on premium due to location based weather related claims history
  • Your claims history

Tenant occupations largely impact the premium that you pay for your commercial strata insurance policy and the reason for this is due to potential claims that could arise from the business operation. 

For example, a welding/fabrication company have a high fire rating due to using welders and oxy torches. If your business has a cold room, the material contained within the cold room also has a significant fire rating and as such insurers charge for the additional risk that is taking place at the property.

You should review your strata insurance policy when ever anything changes at the property for example, if a new tenant begins to occupy the premises the policy should be updated. If you just received an updated valuation then you should make sure your replacement value is updated on the policy. If there hasn't been any changes than you should typically allow 4-6 weeks as a review period for your insurance renewal. This allows us as your commercial strata insurance broker to discuss your policy, make any updates and request updated pricing from insurers as well as allowing you enough time to discuss the renwal with committee members once finalised. 

commercial strata insurance policy

Need a Commercial Strata Insurance Broker? We've got you covered.

We understand that running a business takes a lot of work and as a business owner you’re expected to be across all of the different aspects of your business operation. We have tried to make our process as simple as possible and all of our Brokers work with each business owners to have a strong understanding of your business and whats required to be in place to ensure that there are no nasty surprises. We pride ourselves on not hiding behind the fine print. 

Why you should have Commercial Strata Insurance?

A typically business package insurance policy  will not be sufficient for a commercial strata buildingnor will it comply with state legislations.

There are a number of different risks that are exposed when you have a community titled property. If you simply have just put a business insurance policy in place than there is a good chance that should something actually occur at the premises then the insurer is quite within their rights to cancel your policy due to the failure to disclose the property correctly.

There is only a limited number of commercial strata insurance providers that will actually offer cover to strata buildings and as such if an insurer wasn’t notified that the property was on a community title then it is fair to assume that they wouldn’t have offered insurance cover in the first place. 

Is a commercial strata insurance a full package policy?

Yes, a commercial strata insurance policy is designed to cover most risks that are exposed to you or the commitee as property owners. The policy does have optional covers included however, most sections are automatically included.

Other common policies that may be needed.

Other policies are typically not required so much by the property owners however, the operating businesses that operate in the strata complex should consider the following:

  • Professional Indemnity Insurance: If you are providing any design, certifications, sign-offs or providing advice in return of a fee than you should have a Professional Indemnity policy in place. 
  • Business Property Cover: A business package insurance policy is typically for businesses that operate out of a physical location and things like contents, stock and machinery need to be covered. 
  • Motor Vehicle Insurance: Most businesses will operate a motor vehicle or even have a fleet of delivery vehicles. We tailor specific motor vehicle insurance policies for each business and is suitable whether you have only 1 vehicle or hundreds of vehicles.
  • Plant and equipment insurance: An insurance policy covering plant and equipment items such as excavators, trailers, specialised equipment.
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Your Strata Insurance Questions Answered

Yes, most direct insurers will let you put your own construction insurance policy in place. However, this means that you are taking on the responsibility of reviewing the policy, making sure your cover is correct, managing and lodging your own claims. This can be a lot of work for a business owner on top of what you already do in your business. A good Insurance Broker will work with on reviewing the cover, bringing any specific things to your attention and taking over the management of your claims should this occur. 

No, you don’t. For full transparency of our remuneration, insurers pay us an agreed commission when you proceed with the policy. This is not in addition to what you pay and in most cases we are able to pass on a cost reduction to our clients by finding a more competitive policy or by reducing the impact of their quoted renewal premiums. 

As a full service insurance brokerage we assist with the lodging and management of claims for commercial strata insurance policy holders. 

You will need a strata insurance policy if your complex has a community title number or an appointed body corporate committee or manager. 

The easiest way to do this is by controlling the things that you can control. 

  1. Choose low risk tenant occupations 
  2. Ensure tenants hold appropriate insurance policies 
  3. Keep your claims to a minimum if possible 
  4. Ensure the complex is well maintained to reduce the likelihood of a claim

Along with most operating businesses the owners corporation needs to have a public liability insurance in place in case they are legally liable or held responsible for a personal injury claim that they are deemed negligent for

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