What is commercial or business property insurance?
Commercial or business property insurances are policies to cover an industrial or commercial property that is used for business operations.
In a simple way, it is similar to “home insurance”, except it covers business properties.
Do I need commercial property insurance in Singapore?
You may need such business property insurance if you are
- building or property units owners: You may be leasing out your units to other business owners and wishes to protect your fixtures and properties
- tenants of commercial or industrial units: You are responsible for returning the unit in good conditions at the end of tenure, this policy will help to cover costs of refurbishing in case of any fire or disaster from your business operations
- real estate investors, REITS trust management:- to protect the asset values
How much does business commercial property insurance costs in Singapore?
The quotation provided will depend on your business operations such as
- Business usage
- Equipment, goods and assets coverage
- unit size
- the facilities and fixtures
You may prefer to get a proper all risks policy instead of standalone property insurance, as the premiums are cheaper for comprehensive coverage.