Renovating your commercial property can be an exciting step toward business growth, but it also comes with insurance complexities. Many business owners don't realise that changes to their property can impact their commercial property insurance . Whether you're upgrading a retail space, adding office extensions, or modernising a warehouse, renovations can affect your premiums, policy coverage, and even claim eligibility. According to the Insurance Council of Australia, property claims related to construction and renovation mishaps have increased by 15% in recent years. This makes understanding renovation insurance and property upgrade coverage more critical than ever. Understanding Commercial Property Insurance and Renovations Commercial property insurance is designed to protect your business premises from risks like fire, theft, vandalism, and natural disasters. However, renovations can change your property’s value, risk level, and insurance needs. Many policies require busines...
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