Experiencing something like flooding, fire, or theft to your property can be a huge shock to a business. Not only has your livelihood been threatened, but you also have to deal with the financial fallout of the incident as well which can really set you back.

This is why commercial strata insurance is a crucial insurance policy to have. When you own your own business or apartment space in a strata-titled property, you never know what might happen. Insuring yourself against any surprise accidents is the smartest move to make sure you do not suffer any financial difficulties. As a strata insurance broker, we can assist in getting you the best residential and commercial strata insurance policy for your small business or situation.

What is Strata Insurance?

Unlike when you buy a house on its own block of land, when you purchase a property that’s part of a complex, or bigger unit block, it is usually part of a strata title. A strata-titled property means you have individual ownership over your lot (whether this be a private apartment or townhouse, or commercial office space) and shared ownership of the common property like the driveway, foyer, or elevators. The common property is then managed by a legal entity, usually a body corporate or strata company.

Strata insurance is then the insurance that the body corporate is obliged to take out to cover the building, common areas, and common property for both residential and commercial properties. Strata insurance is crucial to help protect their businesses assets and operations. It is a legal obligation to have strata insurance if your property is strata-titled.

Strata insurance differs from traditional business insurance because it does not insure private property, the coverage is strictly kept to shared spaces. Business insurance covers you for a lot more, including property insurance.

Why do you Need Strata Insurance?

Strata insurance is crucial because it covers the cost of repairing or replacing common property in a strata scheme, protecting all owners from significant financial loss.

As strata insurance specialists, we handle a lot of issues on your behalf, such as:

• Property damage to the building and common contents.
• Loss of rent to individual owners; or temporary accommodation costs if owner occupied in the case that the property was deemed uninhabitable.
• Catastrophe insurance if the property was to be impacted by government declared catastrophes.
• Public liability insurance on behalf of the body corporate if any claims are lodged against them for property damage or personal injury due to negligence.
• Office bearers liability coverage for their decisions made on behalf of the owners.
• Voluntary workers compensation covers costs for volunteers that get injured whilst working for the body corporate.
• Machinery breakdown covers costs associated with machinery not working, like elevators or escalators.
• Flood cover handles the costs of flood damage to the common areas.

On top of the above, it is a legal obligation to get strata insurance if you own a strata-titled property in Australia. The specific laws vary from state to state, but they all have a baseline that body corporates are responsible for securing basic strata insurance for their own properties.

Insure Your Strata Property with Morgan Insurance Brokers

As Australia’s award-winning insurance broker, we have strata insurance specialists dedicated to ensuring your strata property is fully covered for any situation. Strata situations can be complex and difficult, which is why having a specialist on hand is key.

We handle all customers with the utmost diligence and commitment. When you broker your insurance with us, we work to make sure you get the best insurance coverage possible for your business.

Insuring through Morgan Insurance Brokers means getting award winning, professional service and top-notch insurance coverage in Australia. Contact us today for a free consultation, and our team of skilled professionals can tailor-made the best insurance policy for you.