Commercial property insurance is essential if you own a business in the state of Texas. Without it, you have no protection for the assets of your business. It can be extremely costly to replace any part of your property. Protecting your inventory, building, signage, and fencing are essential parts of your business and need to be adequately covered by a quality commercial property insurance policy. Keeping it affordable is also important. At J. Archer Insurance Group, our experts can help you find the right commercial insurance policy that works for you at an affordable price.
What Does Commercial Property Insurance Cover?
A commercial property insurance policy covers damage to your physical assets that have been caused by a variety of different events. They can include burst pipes, storms, vandalism, theft, explosions, and fire. In order to cover floods, hurricanes, and earthquakes, you will need to have special insurance policies in place that cover such events. Your commercial property insurance can help you make it through a very difficult time, especially if the damage is so severe that it forces you to close your business while repairs are being made.
How Much Does Commercial Property Insurance Cost?
The cost of your commercial property insurance policy will depend on how much coverage you need, the type of assets you are covering, and the location of your business. The cost of your policy will be greatly dependent on the level of risk it has to deal with. If your business is located in a high-crime area, it stands to reason that your commercial property insurance costs will be higher as well. You can make your policy more affordable by raising your deductible and eliminating certain things that you no longer need. Adding a security system and reviewing your policy every year or two will also help you manage your costs.
Tips to Lower Your Premiums
Here are some ways in which you can lower your commercial property insurance premiums.
- Improve security-
Install closed-circuit TVs, burglar alarms, and other safety devices to improve your building’s security. Adding security features to your premises will attract greater discounts on your policy.
- Increase your deductibles-
Deductibles are the out-of-pocket expenses that you need to pay before your policy kicks in. By raising your deductibles, you will be lowering the number of premiums to be paid. However, make sure that you can afford to pay the number of deductibles in the event of claims.
- Bundle your policies-
You can also lower your premiums by bundling multiple policies such as general liability insurance and commercial property insurance.
Why Is Commercial Property Insurance so Important in Today’s World?
In today’s world, there are several more factors to consider than in the past. More and more people are working from home. This is especially true since the start of the COVID-19 pandemic. To keep their employees safe, employers allowed employees to work from home. They would assign them company equipment that they can use until they are able to come back to work. For others, working from home is a way of life they have been used to for many years. Either way, protecting equipment that moves with the employee is important.
As a business owner, it’s up to you to know where your equipment is at all times and what condition it’s in. This will help keep your policy up-to-date and ensure that all of your equipment is sufficiently protected. To learn more about commercial property insurance or to get started with a new policy, contact our experts at J.Archer Insurance Group today! We can help you be adequately covered against all possible liabilities.