When you own a factory, it is important to protect your property and yourself against a variety of risks including damage to the exterior and interior of the building, potential loss on income, tenancy defaults, and legal liability. While businesses take the utmost care to ensure that operations are safe and low risk, life is unpredictable.
Factory insurance is vital to deal with unexpected occurrences including, but not limited to, fire, vandalism, damage, the loss of rent if you have tenants, and the loss of income that comes while resolving claims. Without the right kind of insurance, property owners could be putting themselves at risk, and exposing themselves to personal and financial hardship.
Compare factory insurance quotes
Our brokerage has access to over 100 insurers and underwriters from local and international markets, so you can be confident that we will be able to provide you with a range of insurance options suited to your needs. Our skilled and knowledgeable team of brokers bring their extensive industry expertise to ensure that we offer only the best customer service and factory insurance coverage.
Sourcing insurance can be confusing and daunting, but it doesn't need to be. We take the hard work out of the process, so that you don't need to make any sacrifices when it comes to your livelihood. Why not request a quote, or enquire with us today!
What can factory insurance cover?
Factory insurance covers a wide range of things including:
- the building that you own
- the stock and contents inside
- business equipment
- fixtures and fittings
Many policies will cover loss or damage to your building and contents, but will not cover loss of income due to business interruption, loss of rental income, and liability. Also, different policies have different levels of cover when it comes to glass damage, water damage, and other specific items of cover.
When you request a quote from us, we ensure that we source policies that give you all the options, and can answer all your questions about each policy, so that you can decide what type of coverage is best for you. We want you to be confident that you are securing the right type of coverage, so there are no surprises when it comes time to claim.
Factory insurance for property owners
If you own a factory and lease to tenants for business operations, it is important that you have the right kind of insurance to protect you from things such as rental defaults and damage by tenants, in addition to coverage of the building itself. When sourcing insurance for your commercial factory, you want coverage that is adequate enough that you can quickly and efficiently conduct repairs at today's prices after an incident, and recommence operations as soon as possible. You will also want a policy that covers for loss of income throughout the claims process, as well as property owners liability. If you are unsure of exactly what coverage you need, enquire today, and we can help match you to the right policy.
Factory insurance for owner occupiers
If you own a factory and are conducting the business operations on site yourself, your insurance policy will need to cover all of your stock, fixtures, fittings, and contents. You will also want to consider public liability insurance to cover your business operations, and all activities that take place on site. Again, if an unexpected incident arises, you will want to be covered for loss of income in the interim repair period. Enquire today so that we can answer any questions you might have and help you find the best policy for you.
What factors influence the cost of factory insurance?
You might be wondering how the price of insurance is calculated, and the things you need to consider when looking at the cost of your policy. Some of the factors influencing policy costs include:
- The size of the property and business: it makes sense that the larger the operation, the greater the insurance premium.
- The location: certain places in Australia are at greater risk of natural disaster or historically high claims. These areas will attract a higher premium.
- Claims rates: If the area or the property that you own has a high claims history due to crime, the use of dangerous materials, or other factors, the premium will be higher. The rates of claims and costs of claim in your area will be considered when it comes to determining the correct premium.
- Security: Depending on what type of security you have in place, such as CCTV, patrols, locks and reinforced entries, premiums will vary.
- Age of property: Typically the newer the commercial space, the more affordable cost of the insurance. Older properties tend to attract higher premiums due to the cost of maintenance and the likelihood of something going wrong, such as faulting wiring or wear and tear leading to other issues.
- Business equipment: If you have expensive and large plant equipment or have custom built premium machinery, the cost of your insurance will be higher as these products are harder to replace. Older and heavy equipment may also be more expensive when it comes to insurance.
- Fitout: Your insurance will consider how expensive it will be to replace your fitout should damage occur. If you have an expensive initial fitout, this will factor into the cost of your insurance.
- Stock: The value of your stock, and the amount of stock that you typically keep on hand will impact the cost of your factory insurance.
All of these elements play a role in the cost of your insurance, but should not deter you from operating your business as you usually would. Having expensive property elements or stock is not a detriment, provided you factor this into your insurance budget, and understand the way that insurance is structured. It is important that you consider that spending a little more on insurance will allow you to continue your operations as usual should something happen. As with most things, with insurance, you get what you pay for.
When it comes to factory insurance for commercial properties, a little bit of research now will save you a lot of grief down the track. Our team of property insurance brokers will help you source a range of factory insurance quotes so that you can find the policy and premium that is right for you, your property and your operations.
Call us today on 1300 276 628 or request a quote below.