As a property owner, it is always wise to have property insurance for your property, whether you are talking about your home or your commercial building. Insuring your commercial building is essential for protecting your investment and the business that you have probably worked very hard to build, but this doesn't mean that you look forward to paying your premiums. Instead, you might fear that you are paying way too much for your commercial property insurance. Fortunately, if you follow these tips, you can help keep these costs to a minimum while ensuring that your commercial property is protected.
1. Insure the Building Only
For one thing, you should think about the fact that land in commercial zones can often be quite valuable. Therefore, if you have insurance on your land as well as your building, there is a chance that your coverage is high and that your premiums are a bit higher to match. However, in general, it's probably your commercial building itself that needs to be protected and not the land that it sits on, so you may want to talk to your insurance agent about reducing coverage to ensure that your building only is covered.
2. Bundle With Other Commercial Insurance
As a business owner, there is a good chance that you carry various types of commercial insurance policies. You might have commercial vehicle insurance, workers compensation insurance and more. If you work with a company that specializes in providing commercial insurance of all types for business owners like you, you can often bundle these various types of insurance into one policy. This can help you both save money on how much you spend in premiums and can also save you a lot of time and hassle, since you can deal directly with one insurance agent for your commercial needs instead of several.
3. Take Loss Mitigation Steps
There are steps that you can take that can help you protect your commercial building, and these changes can provide peace of mind and protection and can also cause your insurance agent to provide you with a discount. Ask about discounts for installing surveillance camera and security systems and fire sprinklers, for example. Then, consider making these improvements so that you can save on your insurance and help protect your building even more.
As you can see, if you are concerned about what you are paying for property insurance for your commercial property, you do have options for cutting costs. Give these tips a try to make buying coverage, such as from Knepper Insurance Group, even more affordable.
Share22 March 2017
I still remember the first time I had to chose an insurance policy; I was 17 years old and had just saved up enough money to afford my very first car. I was so excited to begin driving, but overwhelmed with all of the different auto insurance options. My father helped me chose a full-coverage policy that would cover the cost of my car if it were to become damaged in an accident. When I inevitably caused a small fender-bender as a new driver, my insurance company paid for my car repairs, so it sure was the best policy for me! Now that I am older and have learned a lot about home insurance and other types of insurance, I thought I would make a blog to help others who need insurance advice, like what my dad gave me. I hope I can help you make wise insurance decisions!