Top 5 Ways to Lower Your Commercial Property Insurance Costs

While the cost of insuring your business property may be high, it doesn’t have to be impossible to lower that cost. Here are five ways you can lower your commercial property insurance costs.

Check Your Coverage

If you have a comprehensive policy, you’re probably paying a pretty high premium. It’s important to review your coverage and see where you can reduce your risk while still getting the same level of coverage. For example, many companies have a separate policy to cover the cost of any physical damage to the building. If you have a comprehensive policy, then you’ll be paying a large premium to cover your building if there’s any damage to it. By adding a physical damage policy to your comprehensive policy, you can reduce your cost. If there is any damage to your building, your insurance company will pay out under the physical damage portion of your policy.

Reduce Your Risk

If you’ve been getting quotes for as much as $2,000 per year for commercial property insurance, it’s likely you’re taking on a ton of risk. Many companies will offer you quotes based on some very high construction risk factors. One way to reduce your risk is to reduce your construction risk factors. Many times you can lower your risk by getting an outside opinion on these factors. The best way to do this is to get an estimate from an independent contractor who isn’t affiliated with your property insurance company. An independent contractor will have no incentive to lower their estimate, but they’re likely to tell you the truth, unlike the insurance company’s agent. And if you’re able to lower your construction risk factors, you may be able to save up to 50% or more on your commercial property insurance.

Change Your Agent

If your current insurance agent continues to give you high quotes, it might be time to find a new agent. If you get quotes from different companies, it’s important to note the difference in rates between your current agent and the new agent. If the new agent offers you a lower quote than your current agent, it’s probably time to make a change. There are a number of reasons your current agent may be giving you high quotes. First, it could be that they’re working with an outdated policy, so they’re inflating the rate because they’re not aware of the changes to your coverage. Second, it could be that they’re working with an especially high construction risk factor, so you need to switch to an agent who has a lower construction risk factor.

Learn From the Best

There are a number of resources available to help you lower your commercial insurance costs. One of these resources is a low-cost insurance guide. These books have been written by a group of experts who have analyzed the commercial insurance industry and created a guide on ways to lower your insurance costs. You can also use the internet to find these low-cost insurance guides. There are a number of websites that offer insurance guides, and you can even use a website like Google to aggregate the best guides from different websites. There are also many commercial insurance forums online where you can turn to for specific advice on getting lower commercial insurance quotes.

Stay Away From the Worst

Some commercial insurance companies offer very low-cost policies, but they’re often working with the worst construction risk factors and offering the worst coverage. To save money, you want to find the company with the best construction risk factors and the best coverage. You can do this by looking at several different commercial insurance companies until you find the one that has the best construction risk factors and the best coverage. Once you’ve found this company, you want to make sure you don’t take their business. You can do this by comparing your current commercial insurance company to their commercial insurance company and making sure you don’t want to get business with the worse company.

Conclusion

Commercial property insurance can be expensive, but with these tips, you can save money and lower your rates. However, it’s also important to remember that changing just one factor can result in a significant change to your premium rate, so don’t be disappointed if it takes a few attempts to get your new rate down. Remember that even the most expensive commercial insurance policy can be money well spent if it protects your business and protects you financially in the event of a loss. If you take the time to check your coverage and change your risk factors, you can lower your commercial property insurance costs significantly.