Commercial property insurance plays an important role in protecting the financial security of your business. This insurance coverage will make sure that you do not find yourself paying out of pocket for many types of damage to your property or for injury claims that result from an accident on your property. However, despite how important having this coverage is, it is equally as important to ensure you are not overpaying for the coverage you need. The three money-saving tips below can help you to accomplish that goal.
Tip #1: Bundle Your Property Insurance With Other Commercial Insurance Policies
Chances are you will require multiple types of commercial insurance in order to fully protect your business. For instance, you may require liability insurance, commercial auto insurance, or workers' compensation insurance. Choosing to purchase a commercial insurance bundle that includes your property insurance coverage will allow you to enjoy a discount on all of your insurance coverage needs.
Tip #2: Choose The Highest Deductible You Can Realistically Afford To Pay
Low deductibles are nice because they require you to pay less out of your own pocket when you file a claim against your property insurance policy. However, these low deductibles do come at a price. In most cases, the lower the deductible on your policy is, the higher your monthly premiums will be. For most people, choosing a higher deductible will actually be the more cost-effective option in the long run. This is because the savings you see each month by choosing a higher deductible will almost always outweigh the additional amount you will need to pay when filing a claim.
Tip #3: Implement Safety Programs To Help Minimize The Risk Of An Accident
If you are able to demonstrate to your insurance provider that you have active safety protocols in place in order to help minimize the risk of an accident on your property, you may be able to qualify for a discount on your commercial property insurance policy. For example, if you are located in an area that experiences snow and ice during the winter months, you will want to have a program in place to quickly address any slippery conditions. You will also want to provide safety training for any employees that conduct work on the outside of the property. Putting up hazard signs and fencing off dangerous areas of the property can also help in demonstrating your commitment to safety.
Contact a local insurance agency, such as Rafail Insurance Agency, to learn more.