When planning to protect your property, you should focus on three important areas:
Malicious damage. This is the most frequent type of claim, representing up to 27% of all claims for property owners. These range from smashed windows to a knocked down wall. Even worse, this may result in loss of rent or even a public liability incident.
Properly securing your property can help protect against these incidents as well as saving you time and money. Having the right level of insurance is the surest way to protect against the unexpected.
Water damage. These represent 25% of all property claims and can affect walls, ceilings, floors and more. During repairs tenants may have to move premises leading to loss of rent and potentially having a detrimental impact on your income. Claims can blow out to millions of dollars as a result of the rebuilding process - loss of rent, changes to building regulations and increases in builder's prices often leave property owners struggling to keep their property.
Peak season for water damage is February to March, which is storm season in Australia. Being prepared for bad weather and regularly maintaining your property will help reduce the chance of water damage. Having the correct building cover and rental protection will further help to protect your investment.
Public liability. These claims have the potential to become very costly. Personal injury claims such as falling through an unsecured railing can potentially exceed $20million. The claims can last for years with escalating costs. Yet the average public liability cover is only $5 million, so inadequate cover could have a devastating impact on your investment.
Keeping your property well maintained and clean will help make it safer. Having the correct level of cover will potentially save you even more time and money.
Downtime, repairs and replacing lost items can be costly. The right insurance can protect your investment against a wide range of risks and help safeguard the future of your business. Talk to your insurance broker about a QBE Business Pack tailored to your needs.
Need a broker? See our guide to finding the right broker.
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