Compare the Best Commercial Property Insurance in Singapore
We partner with business insurance specialists to help you compare and find the best commercial property insurance policies.
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What is Commercial Property Insurance?
Commercial property insurance in Singapore is an all-risk policy designed to protect business premises and their contents from various risks, such as fire, theft, and natural disasters.
Commercial property insurance is crucial for businesses that own or lease physical spaces as it ensures financial stability by covering the cost of repairing or replacing damaged property.
It is tailored to meet businesses’ specific needs, offering them peace of mind and the ability to continue operations without significant financial setbacks in the event of unforeseen damages.
Fire & Perils
Commercial property insurance covers damage to buildings and contents caused by fire and other specified perils, such as explosions or natural disasters.
Theft & Burglary
This insurance includes coverage for loss of or damage to property due to theft or burglary, ensuring financial compensation for stolen assets.
Water Damage
Commercial property insurance also covers the repair and replacement costs associated with water damage, such as that resulting from burst pipes or flooding.
Why Commercial Property Insurance?
Asset Protection
Commercial property insurance in Singapore is essential for safeguarding your business's physical assets from unforeseen events. It provides coverage for damages to the property and its contents, which can be costly to repair or replace without insurance.
Business Continuity
This insurance ensures that your business operations can continue with minimal disruption after an incident. By covering repair and replacement costs, it helps you manage financial risks effectively, keeping your business running smoothly even in adverse situations.
Legal and Financial Security
Commercial property insurance often includes liability coverage, which protects your business from legal and financial repercussions in the event that your property causes harm to others. This is critical for maintaining your business' financial health and legal standing in the competitive Singapore market.
Compliance with Lease Agreements
Many lease agreements in Singapore require tenants to carry commercial property insurance, making it not just a precaution but a legal necessity. This insurance helps ensure compliance with contractual obligations, safeguarding your leasing rights and relationships.
Risk Management
Properties in Singapore represent significant investments due to the high cost of real estate. Commercial property insurance acts as a risk management tool, protecting your investment from potential losses due to insured events, which is especially crucial in high-value markets.
Customisable Coverage
Commercial property insurance in Singapore is highly customisable, allowing businesses to tailor coverage to their specific needs. Whether it’s adding endorsements for specific perils or adjusting coverage limits, this flexibility ensures that your insurance policy fits your unique business requirements.
Who should get commercial property insurance?
Manufacturing Facilities
Food and Beverage Establishments
Restaurants, cafes, and bars in Singapore face numerous risks, from kitchen fires to water damage affecting their specialised equipment. Commercial property insurance helps these businesses recover from such incidents without bearing the full financial burden, ensuring they can resume serving customers promptly.
Businesses with Physical Property
This category includes warehouses, factories, storefronts, and landlords who greatly benefit from commercial property insurance in Singapore. For these entities, the insurance is crucial as it covers substantial investments in physical assets and infrastructure, protecting against financial losses due to damages from insured events.
Best Commercial Property Insurance Plans in Singapore
allianz commercial property insurance
Their coverage includes protection against fire, business interruption, and industrial risks, ensuring that no matter the severity of the event, your operations can resume swiftly.
Allianz's tailored solutions are designed not just to restore your property but to safeguard your balance sheet against significant losses.
This personalised approach helps minimise the downtime and financial impact on your business, making Allianz a reliable partner in risk management.
MSIG commercial property insurance
This policy addresses losses from fire, explosions, water damage, natural disasters, malicious damage, and burglary.
Notably, it also includes accidental loss or damage cover, which is ideal for businesses that handle high precision equipment or valuable items.
Furthermore, if your business experiences downtime due to an insured event like a fire or flood, MSIG's Business Interruption Cover compensates for the lost income, ensuring your business's financial continuity.
Etiqa commercial property insurance
Additionally, their Fire and Extraneous Perils Insurance covers a wide array of events including fire, explosion, natural disasters, and malicious damage.
An essential feature of Etiqa’s coverage is the Consequential Loss insurance, which protects against lost profits or revenue following a business interruption.
This comprehensive protection ensures that your business can withstand and quickly recover from disruptive events, maintaining operational stability and financial security.
Liberty commercial property insurance
Their All Risks Insurance policy is comprehensive, covering accidental loss or damage to industrial, commercial, or office machinery and equipment.
Other specialised covers include Boiler and Pressure Vessel Insurance, Burglary Insurance, Consequential Loss Insurance, and more.
For technology-oriented businesses, the Electronic Equipment Insurance protects against accidental damage to electronic assets.
Liberty's extensive offerings ensure that no matter the type of risk your property faces, from mechanical breakdowns to theft, your business assets are thoroughly protected, supporting continuity and stability in operations.
Chubb commercial property insurance
Their Property All Risks Insurance covers a diverse range of occupancies and offers options between 'Fire & Named Perils' and 'All Risks' cover.
This policy provides extensive protection for physical assets and covers business interruption or loss of profits due to physical damage.
With a capacity of up to USD 450 million, Chubb's coverage ensures substantial financial support, allowing businesses to manage risks effectively and maintain operational integrity in the face of diverse perils.
NTUC Income commercial property insurance
It covers various risks including fire, theft, and employee work injuries.
Specific coverage includes damage or loss of stocks, furniture, and other contents; theft-related losses; money in transit or locked on premises; and legal liability under the Work Injury Compensation Act.
This package is designed to safeguard against significant disruptions, providing peace of mind and financial security to business owners, ensuring they can focus on growth without the worry of potential risks.
Tokio marine commercial property insurance
Their coverage extends to key areas such as Fire Insurance, which helps convert potential loss or damage into assurance for business continuity.
Consequential Loss or Business Interruption coverage supports your business in recovering from losses incurred due to fire, helping to get operations back to normal swiftly.
Additional specialised products like Plate Glass Insurance, Theft Insurance, Money Insurance, and Fidelity Guarantee further enhance the protection by covering specific vulnerabilities such as theft, damage to glass installations, and internal financial fraud.
Tokio Marine’s holistic approach ensures that every aspect of your business property is protected, enabling a clear path to recovery and stability after unexpected events.
How to apply for a comparison session?
Step 1
Submit a request for a quote with Corporate Cover. Based on your request, we will match you with one of our MAS-licensed partners.
Step 2
Our partners will obtain quotations from the respective insurers and help you compare based on price, features, and suitability.
Step 3
Once you've found the perfect commercial property insurance policy, feel free to purchase it from a friend, directly from the insurer, or from our partners!
What does commercial property insurance cover?
Commercial property insurance covers damages to your business’s physical assets, such as buildings and their contents, resulting from fires, theft, natural disasters, and water damage.
This type of insurance is vital for protecting your investment in these assets, ensuring that your business can recover financially from such events without major disruptions to its operations.
Additionally, it often includes liability coverage, which helps safeguard your business against legal and financial consequences if your property causes harm to others.
What does commercial property insurance not cover?
Commercial property insurance does not cover losses due to general wear and tear, intentional damage caused by the business owner or employees, and some natural disasters like earthquakes and floods unless specifically mentioned in the policy.
It also typically excludes losses due to business interruption or loss of income unless this coverage is specifically included.
What's the difference between commercial property insurance and fire insurance?
Commercial property insurance provides a broad range of coverage that includes protection against various risks to a business’s physical assets, such as fire, theft, water damage, and other perils.
It often includes both the building itself and its contents, along with liability coverage that protects against damages your property might cause to others.
Fire insurance, on the other hand, is a more specific type of policy that exclusively covers damages resulting from fires.
It typically does not include theft, water damage, or liability protections.
Fire insurance is generally more limited in scope and is primarily focused on recovery from fire-related damages.
Businesses often choose commercial property insurance for comprehensive coverage, while fire insurance might be selected as an economical alternative that covers only the most catastrophic of risks.
How much does commercial property insurance cost in Singapore?
The cost of commercial property insurance in Singapore can vary widely depending on several factors, including the value of the property and its contents, the location of the property, the type of business activities conducted on the premises, and the specific risks covered by the policy.
Generally, premiums may range from a few hundred to several thousand Singapore dollars annually.
Additional factors such as the building’s construction materials, fire protection measures, and claim history can also influence the premium costs.
To get an accurate estimate, businesses typically need to obtain quotes from insurance providers, which take into account the unique characteristics and needs of their specific commercial property.
What is the cheapest commercial property insurance in Singapore?
The cheapest commercial property insurance in Singapore can vary based on the insurer, the specifics of the coverage required, and the discounts or deals available at the time.
The cheapest for Business A might not be the cheapest for Business B.
To find the most cost-effective option, businesses should compare quotes from multiple insurers – something that our partners can help you with.
Factors such as the level of deductible chosen, the extent of coverage, and any risk management practices implemented can influence the cost.
Additionally, taking steps to reduce risk, such as installing security systems and maintaining the property, can also help lower premiums.
How to make a commercial property insurance claim?
Making a commercial property insurance claim can depend on the specific insurer and the details of your policy.
Here are some general steps to follow:
- Contact Your Insurer or Agent: Immediately after an incident, contact your insurer or insurance agent. If you have an insurance agent, they can be particularly helpful in guiding you through the process and advocating on your behalf.
- Documentation and Evidence: Gather all necessary documentation, such as photos of the damage, police reports (if applicable), and receipts for any emergency repairs. This evidence will support your claim.
- Claim Assistance from Our Partners: If you purchased your insurance through one of our partners, they will assist you throughout the claims process. Our partners are equipped to handle the paperwork and communications with the insurance company, ensuring that your claim is processed efficiently and correctly.
Can I buy commercial property insurance online?
Yes, you can buy commercial property insurance online.
Submit your request and detailed information about your property and business operations.
Once your information is submitted, our partners will assist by gathering and comparing quotes from various insurers.
This helps ensure you receive the best coverage options tailored to your specific needs and budget.
After reviewing and selecting the most suitable policy, you can complete the purchase process online.
What commercial property insurers can your partners help me with?
Our partners can help you with a wide range of commercial property insurers, ensuring that you have access to comprehensive coverage options tailored to your business needs.
They work with numerous reputable insurers, including major names like AIG, Allianz, AXA, Chubb, and MSIG, among others.
This extensive network allows our partners to offer a diverse selection of policies, helping you find the best fit for your specific requirements.
By collaborating with these insurers, our partners can facilitate comparisons of different insurance products, enabling you to make informed decisions based on coverage details, premium costs, and other critical factors.
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Why you should get your commercial property insurance with Corporate Cover
Reducing Costs
When you choose Corporate Cover for your commercial property insurance, you're not just purchasing insurance; you're optimising your business expenses.
We connect you with our partners who are experienced business insurance agents ready to help you compare and select the best policies.
These agents leverage their expertise and relationships with various insurers to secure competitive premiums, ensuring you get the most cost-effective coverage.
This means lower costs for your business, enabling you to allocate funds to other growth-driving activities.
Regulatory Compliance
Navigating the complex regulations surrounding commercial property insurance in Singapore can be daunting.
Through Corporate Cover, you gain access to seasoned insurance professionals who understand these intricacies deeply.
Our partners ensure your coverage meets all regulatory requirements, helping you avoid potential fines and legal issues.
This proactive approach to compliance not only protects you but also enhances your reputation as a responsible business owner.
Exceptional Support
At Corporate Cover, we take pride in the quality of support we facilitate.
By connecting you with our expert partners, we ensure that you receive personalised service tailored to your specific needs.
Whether you are filing a claim or seeking advice on policy options, our partners are committed to providing swift and effective assistance.
This high level of customer service ensures a smooth and satisfying insurance experience, contributing to your overall business success.