It’s important to be aware of your commercial lease insurance requirements.
If you’ve moved offices, updated your tenancy agreement or maybe never looked at the fine print before, we’ve put together the 3 all important questions you should ask about your policy.
For help with checking if your insurance policy complies with your commercial lease, Insurance Web can help! We’re based in Strathpine and service the entire North Brisbane region.
Here’s the 3 important things you need to confirm:
- What is the level of legal liability cover that the lease agreement is asking to comply with?
Many commercial tenancy agreements will require your business to have a minimum level of legal or public liability cover. It’s important to read the fine print of your lease, to find out if your current insurance meets this.
If this is a clause of your tenancy agreement, you’ll likely need to provide evidence that you are complying, such as your certificate of currency.
- Is there a requirement on the lease for you to have glass insurance?
Some commercial leases specify that you must have glass insurance up to a certain amount, particularly if you have a store front with large windows.
Don’t be caught off guard – or out of pocket – this can be a costly and time sensitive expense, nor do you want to be in breach of your lease agreement.
- Are you responsible for the air conditioning equipment and exhaust?
Occasionally a commercial lease agreement will specify that you, as the tenant, are responsible for any machinery breakdown including air conditioning issues.
To avoid the sudden expense of having to repair your air conditioning, speak to your insurance broker about ensuring this cover is included in your business insurance policy.
Commercial lease insurance requirements
If you’re worried that your insurance may not be meeting the needs of your business or your commercial lease agreement, Insurance Web can help.
With experienced brokers on hand we can find the right insurance for you, to cover you for exactly what you need, and nothing you don’t, call us today on 1300 956 233 or submit an online enquiry here.
Insurance Web is your local insurance expert. Known for our simple processes, cost-efficiency and trustworthy staff, we’ll help you get the right business insurance cover so you can trade confidently and securely right now!