Learn the 4 Variables to Your Commercial Property Insurance Rates

May 09, 2019 Blog

Are you protected in the event that a fire at your place of business damages or destroys your equipment and other company-owned items? It’s easy to think that your general liability policy can handle everything but that is not necessarily the case. It’s also incorrect to assume your landlord’s insurance will cover your company’s belongings. In reality, you need additional safeguarding through a commercial property insurance policy.

Protect before and recover after an event, when you have established a practical and comprehensive insurance plan. The knowledgeable and dedicated brokers at the Business Insurance Center help many businesses like yours develop a tailored strategy to mitigate risk. We discuss your needs and work with a wide variety of carriers to get you the best coverage at fair rates.

What Affects Your Insurance Rates

As with any policy, many variables are used to determine the price you will pay for your commercial property insurance. Here are four to keep in mind:

  1. Construction of the Building: If you are in the market to find a new building for your company, you will want to consider how your rates will be affected. New buildings or those with recent upgrades will result in lower premiums. Additionally, edifices constructed with fireproof materials such as brick or stone are viewed more favorably.
  2. How the Premises will be Used: Do you manufacture or work with flammable chemicals? This may impact your policy rate. For example, a restaurant may have higher premiums than a daycare facility because of the risks associated with each line of business. If you share physical space with a higher risk enterprise, they may reflect on what you will pay as well.
  3. Proximity to Fire and Police Protection: If your place of business is close to fire hydrants, fire departments, or police departments, you may benefit from lower premiums. Having an alarm or sprinkler system can help also.
  4. Exposure to Outside Risks: Location means a lot, and it’s not only in real estate. Areas of high criminal activity may translate into higher risks of theft or vandalism. Business neighbors such as an oil refinery may also affect your rates.

Get a Commercial Property Insurance Quote from an Experienced Brokerage

Safeguard your company’s assets and keep your premiums low when you consider the type of building and how it will be used for your business. A commercial property insurance quote from the Business Insurance Center can get you started on the best path for your company. We help by looking at your existing coverage and assessing any gaps. Then we create a custom plan to meet your requirements. Since 1984, we have supported business owners, self-employed, and entrepreneurs like you to protect your livelihood. Experience the difference when you call us today.

Request a quote online or call (888)-585-0511 and speak with a knowledgeable and experienced broker at the Business Insurance Center. We have a 24/7 call center to serve you and an online Live Chat operator. We serve the entire United States.


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