What insurances are needed for a commercial office unit.

[HSA]

Hi

Buying an office block in a high rise, what insurances should I take to safeguard myself.

The tenant already has the public liability insurance. Should I also take another one for myself?

[Ricardo29]

yes.
simple solution is a business pack, covering building, and property owners liability.
fire rate around 20%'ish, simple property owners liab for an office say $500'ish.

therefore 500,000 building sum insured =$1000, + liab $500
= $1500 +gst+stamp.

ballpark only obviously.
might want to include glass, business interruption (loss of rent), machinery breakdown, various other options as well.

[Ricardo29]

just re-read you question, and would have to assume building etc is covered.
if thats the case, just take a nominal contents figure, say $5000 general contents, with the property owners liability, in a business package. is cheaper than purchasing standalone p/liability.
also then the option of adding on extras as mentioned previous, onto same bus.pack.

[MJK]

If its covered by a Body Corp they should have a policy to cover the whole body Corp which includes you. You can ask for a copy and a cert of currency.

Personally this wasn't enough for me so I took out my own Public Liability insurance because anything can happen.

I was happy with the BC building cover etc. Its a complicated area and I reckon speaking to a good general insurance broker, the body corporate manager are both good placeds to start.

If its not part of a body corporate I'd take all my own insurances I think.

MJK

[MJK]

If in doubt take the insurance. You can always cancel it later.

MJK:D

[HSA]

Thanks a lot to everyone!

I am sure the body corp has the building covered. The tenants are required to take a public liability insurance .

so you guys are suggesting that I take a business pack which will cover me for the public liability, contents and the insurance for tenants causing damage to the property..

[HSA]

If its covered by a Body Corp they should have a policy to cover the whole body Corp which includes you. You can ask for a copy and a cert of currency.

Personally this wasn't enough for me so I took out my own Public Liability insurance because anything can happen.

I was happy with the BC building cover etc. Its a complicated area and I reckon speaking to a good general insurance broker, the body corporate manager are both good placeds to start.

If its not part of a body corporate I'd take all my own insurances I think.

MJK

MJK , what were the public Liability Insurance rates like ?

[MJK]

10,000,000 liability + 70,000 contents @ $800pa inclusive.

MJK

[JoannaK]

and, the most important in the business pack cover is to include loss of rent insurance...