01 / The meaning
What it means.
The category is broader than building insurance and is not interchangeable with public liability. Property insurance concerns the insured business’s assets or other property interests accepted by the insurer; liability insurance concerns responsibility for harm to someone else. A tenant may need to insure its fitout and contents even when the landlord insures the building itself.
Read the property description and settlement basis together. An insured fire does not mean every damaged item is included, and a stated sum insured does not establish the replacement cost. Flood, machinery breakdown, portable equipment and theft may have separate sections or restrictions. Lost trading income generally requires consideration of business interruption cover, including its own trigger and calculation provisions.
02 / Put it in context
A practical example.
Hypothetical example: a workshop fire damages owned tools, a leased machine and a customer’s equipment. The owner lists each interest separately, obtains repair estimates and asks which policy sections could respond before agreeing to any settlement.
This example illustrates the term. It does not predict a claim outcome.
03 / Read the detail
What to check.
- Identify ownership, lease responsibilities and customer property held at each site.
- Compare insured events with exclusions for flood, wear, breakdown and unattended premises.
- Review replacement estimates, excesses, sublimits and any underinsurance calculation.
04 / Start a useful conversation
A question for your broker.
Which assets and locations are actually included in our property schedule, and how would each be valued?
05 / Connect the terms
Keep the meaning in context.
06 / Apply it to your business
Related insurance guides.
Further reading
Read the source guidance alongside the relevant policy wording.
General information only. This does not take into account your objectives, financial situation or needs. Before acting, consider whether the information is appropriate for you. Cover is subject to insurer acceptance and the policy terms, conditions, limits and exclusions. Read the Financial Services Guide and the relevant PDS (where applicable) and/or policy wording before deciding.
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