07 Jan Getting the Best Price on Your Commercial Property Insurance
Getting the Best Price on Your Commercial Property Insurance
There are many variables that go into Commercial Property Insurance pricing. Each carrier has different rating factors and are looking for different things when pricing a commercial property policy. Regardless of these differences, there are common things you can do to maximize discounts and get the best price possible.
Getting the Best Price on Your Commercial Property Insurance- Verifying Building Information
One of the most important aspects to getting the best price on your commercial property is verifying your building updates, construction, and age. Nearly every carrier gives substantial discounts for having updated utilities like electrical, plumbing, and heating. This is even more important if your building is more than 20 years old. Getting information on certain updates can be frustrating, but it will pay off in the long run by saving you premium every year.
Getting the Best Price on Your Commercial Property Insurance- Bundling Policies
This tip applies to many other lines of Insurance in addition to Commercial Properties. Commercial property owners often own multiple commercial properties and we often see situations where these properties are covered under separate policies. Bundling your commercial properties is essential for getting the best price on your commercial property insurance as many carriers will offer huge incentives to insure all of the properties on a single policy.
Getting the Best Price on Your Commercial Property Insurance- Additional Discounts
Most Insurance carriers offer additional discounts for those who take extra precautions in managing their properties. You can obtain a discount for having an on-site property manager. There are discounts for having a central alarm, sprinkler system, or other burglar/fire safety devices. These discounts are small, but when they are applied together you can net huge savings.
If you would like to learn more about getting the best price for your Commercial Property Insurance, give us a call at 925-297-4829.
All information is general in nature and is intended to provide guidance only. It is up to you to request specific coverage options, the agency and agent do not bear this responsibility. Always read the policy if there is a questions about coverage or a claim. If any information herein should conflict with your actual policy’s specific language, the policy language will be controlling.