Shopping Your Commercial Property Insurance

Shopping Your Commercial Property Insurance

If you own or manage a Commercial Property, shopping your Insurance annually is an important part of maintaining low Insurance rates. There are steps you can take to make it easier for your Agent/Broker to obtain the best policy for you, we will go over some of them in this blog.

Shopping Your Commercial Property Insurance – Why Shop?

You may have shopped your policy last year and got a great rate, so why shop your policy now? Well, the reality is that Insurance Carriers’ rates and guidelines are always changing. The market is constantly fluctuating and the same carrier that may have declined or surcharged you last year may very well be the most competitive market this year. This is especially true for Commercial Property Insurance. If you have a good Agent/Broker they should be happy to quote your policy annually, as it is an important part of saving money Insuring your Commercial Property.

Shopping Your Commercial Property Insurance – Obtaining Discounts

There are many discounts you may be eligible for with your Commercial Property Insurance carrier. Commercial Property Insurance carriers often offer discounts for having sprinklers, a central alarm system, on-site property management, etc. There are many discounts available, you just need to ask for them. In some cases you can also obtain discounts for having continuous prior coverage with no lapses. To maximize your chances at getting this discount, you should obtain Loss Runs from your prior carrier prior to shopping your Insurance, as the carrier may provide a discount for providing proof of prior coverage.

Shopping Your Commercial Property Insurance – Building Updates

Many Commercial Property owners miss out on important discounts or are declined by carriers because of their building updates. As a Commercial Property owner, it is important for you to look into when your major utilities were last updated. This is important for a few reasons. For one, many carriers will not offer coverage on buildings over 30 years old unless they have had updates to the plumbing, heating, roof, electrical, etc. This may seem trivial, but these carriers may be able to save you a lot of money. In fact, you may already have these important building updates without realizing it. Just taking a few minutes to look into these updates can make a huge difference.

If you would like to learn more about shopping your Commercial Property Insurance, give us a call! You can reach us 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.