As a commercial property owner in Perth, ensuring the right level of insurance is crucial for safeguarding your investment. With the growing number of commercial properties across Perth’s key areas like East Perth, West Perth, Osborne Park, Cannington, and Balcatta, protecting your property against financial loss is more important than ever.
Delmont Insurance specialises in helping property owners navigate the complexities of commercial property insurance. In this blog, we’ll explore the key concerns around underinsurance, tenant declarations, and insuring income, and explain why partnering with Delmont Insurance is the best way to ensure your commercial property is correctly covered.
Key Concerns for Commercial Property Owners in Perth
1. Underinsurance: A Hidden Risk for Property Owners
Underinsurance is a major concern for commercial property owners in Perth. Many property owners mistakenly insure their buildings for less than their true replacement value. This can be disastrous in the event of a major loss, such as fire or storm damage, as the payout may not cover the full cost of repairs or rebuilding.
Why This Is a Concern in Perth:
Perth’s rapidly evolving commercial landscape, particularly in growing areas like East Perth, West Perth, and Balcatta, means that property values can fluctuate. This makes it easy for property owners to inadvertently underinsure their buildings.
How Delmont Insurance Can Help:
At Delmont Insurance, we work with you to determine the true replacement cost of your property, ensuring that you are never underinsured. Our expert brokers will assess the risks specific to your commercial property in Perth, considering factors such as building materials, location, and construction costs, to ensure the coverage aligns with current market conditions. With our in-depth knowledge of local risks, we can help you secure the right level of insurance to protect your investment, whether it’s a high-value office space in West Perth or a warehouse in Osborne Park.
2. Tenant Declarations: Avoiding Insurance Gaps
A common concern for commercial property owners in Perth is the tenant declaration. Tenants may fail to accurately declare the nature of their business operations, leading to potential gaps in coverage. This is especially important for owners of multi-tenanted properties in areas like Cannington or Osborne Park, where tenants’ businesses may present varying levels of risk.
Why This Is a Concern in Perth:
Tenants may not fully disclose the risks associated with their activities, such as the use of hazardous materials or equipment, which could increase the risk to your property. If a claim arises and your insurance provider discovers that the tenant’s operations weren’t disclosed, it could lead to a denied claim or insufficient coverage.
How Delmont Insurance Can Help:
At Delmont Insurance, we help you mitigate this risk by ensuring that your insurance policy includes clear terms regarding tenant declarations. We can work with you to set up an effective process for tenants to declare their business operations and ensure that these are properly reflected in your policy. By having these declarations in place, we ensure there are no surprises if an incident occurs, and your policy remains valid.
3. Insuring Income: Protecting Your Rental Income Stream
For commercial property owners, the rental income stream is a critical source of cash flow. If your property is damaged and becomes uninhabitable, you could lose significant rental income while repairs are being carried out. This is a concern for owners in high-demand areas like East Perth, where rental properties are often a key part of the owner’s financial portfolio.
Why This Is a Concern in Perth:
Many property owners fail to adequately insure their rental income, not realising that loss of income during repairs or renovations could impact their ability to cover ongoing expenses, such as mortgage payments or property taxes.
How Delmont Insurance Can Help:
We offer comprehensive Loss of Rent Insurance as part of our commercial property policies, ensuring that your rental income is protected in the event of property damage. At Delmont Insurance, we understand the importance of maintaining consistent cash flow for property owners, and we work with leading insurers such as Vero, QBE, and Allianz to provide policies that cover lost rental income, so your business remains financially stable while repairs are underway.
Why Choose Delmont Insurance for Your Commercial Property in Perth?
1. Tailored Insurance Solutions for Perth’s Commercial Property Owners
Every commercial property in Perth is unique, with different risks, requirements, and insurance needs. At Delmont Insurance, we don’t offer one-size-fits-all policies. Instead, we work closely with you to understand your specific needs and tailor an insurance solution that provides the most comprehensive coverage.
From West Perth’s high-rise office buildings to Osborne Park’s industrial units, we understand the nuances of commercial property ownership in Perth and the insurance requirements that come with it.
2. Extensive Network of Trusted Insurers
As an independent insurance brokerage, we have access to a wide range of leading insurers in the commercial property space. This includes providers like CGU Padlock, Vero, Allianz, Zurich, Chubb, and QBE—all of whom offer flexible, comprehensive insurance products designed to meet the needs of Perth’s diverse commercial property market.
We use our extensive network of trusted insurers to find you the best coverage at the most competitive rates. Whether you need property insurance, liability cover, or income protection, we have the expertise to secure the right policy for your property.
3. Expert Guidance and Risk Management
At Delmont Insurance, we go beyond simply selling insurance. We offer expert guidance on how to manage the risks associated with commercial property ownership. Our team of experienced brokers will work with you to develop effective risk management strategies, ensuring that your property is protected from potential risks like underinsurance, tenant disputes, and business interruptions.
We take the time to educate you on the key elements of commercial property insurance, helping you make informed decisions and avoid common pitfalls.
4. Ongoing Support and Claims Assistance
In the unfortunate event that a claim arises, you’ll have the peace of mind knowing that Delmont Insurance is by your side. Our team provides full claims support, ensuring that the process is as smooth and stress-free as possible. We’ll guide you through every step of the claims process, from documentation to liaising with your insurer, to ensure you get the compensation you’re entitled to.
Protect Your Perth Commercial Property with Delmont Insurance
Commercial property ownership in Perth offers great rewards, but it also comes with a range of risks that need to be managed effectively. With the right insurance coverage from Delmont Insurance, you can protect your property against common concerns like underinsurance, tenant declarations, and loss of income.
Our tailored insurance solutions and expert guidance ensure that your property is correctly insured, providing you with peace of mind and financial security. Whether you own a retail space in East Perth, an industrial warehouse in Balcatta, or office buildings in West Perth, we have the expertise to protect your investment.
Contact Delmont Insurance today to discuss your commercial property insurance needs and secure the right coverage for your property in Perth.