Good business management means finding areas to save money. With commercial property insurance, there are savings options available. Many times, businesses don’t recognize that this could be a good way to cut costs. The key is simply to know what your needs are and to choose the right policy for you. Here’s some insight into how to save money.
#1: Invest in Security
In any form, security minimizes many of the most common risks associated with operating a business from a commercial property insurance standpoint. Security for some businesses may be investing in a security guard. More commonly, companies need a smart security system, professional monitoring, or even a basic security camera system. Look for the following to get the best savings:
• Video recording
• Bright lights and easy-to-see cameras
• 24-hour professional, off-site monitoring
Ask your insurance agency, also, if they will give you certain discounts by buying certain systems.
#2: Consider the Deductible
Like with private insurance, commercial property insurance is often less expensive if the deductible is higher. However, it must be accessible to you. A higher deductible means more out-of-pocket costs at the time of a claim.
For companies that don’t file a claim often, it’s possibly a cost-savings to increase the deductible instead. This keeps more money in your pocket during the year for less-common claims.
#3: Make Sure Your Insurance Company Knows Your Business
It’s important to have a customized insurance plan. It should protect your business based on the individual risks within your company.
For example, if you own a restaurant, you might need a higher level of property insurance for risks such as fires and equipment-related breakdowns. Office buildings, however, might be smaller and might not have the same risks present. Work closely with your insurance company to ensure your coverage matches your risks in every situation.
Compare Policies Across Numerous Companies
You will find varying rates available from different insurers. Even the same coverage will usually have a different rate at a different company. That’s why it is important to look at various policy types and various carriers. If you have been with the same insurance carrier for numerous years, chances are good you are not getting the best rate. However, making a change could mean better coverage or a lower rate. Your independent agent can help you do so in one place.
Commercial property insurance can be affordable for your business. It should be one of the most important investments you make for protecting the structure of your home. Whether you lease or own work with a business insurance agent to get the right coverage in place.