Tips When Getting Commercial Building Insurance

2007-03-08 10:33:40

( Insurance )



When purchasing any type of financial product, it is imperative that you shop around. This goes for commercial building insurance. The internet is a powerful tool to use when comparing insurance rates from several insurance companies. You should also pay a visit to your local insurance commissioner’s office to get an idea of the average rates for commercial building insurance.

When getting buildings insurance quotes, you may want to ask your agent to bundle your purchase with several other types of insurance like commercial auto insurance. Discounts are usually available for customers who do this. You should also have your building inspected by a safety consultant annually. A certificate from a safety consultant can really help you to get better insurance rates.

If your business offers a range of services and a small part of it is considered high-risk by insurance companies, you may consider dropping that service. This will help drop your insurance rates.

Commercial building insurance rates are cheaper for businesses which are members of major associations like a chamber of commerce. Associations like these offer group insurance therefore securing a better rate for you.

Another important thing to do before getting commercial building insurance is to check out the building you plan on purchasing or renting. You are guaranteed to save a lot more money on insurance and maintenance costs if the building is new with an automated sprinkler system. You should also consider your neighbors. If neighboring businesses are considered high risk, your insurance rates will go up as well.

It is also good to pay your own way. Your insurance carrier only pays you for the damage incurred on the property you own and the landlord’s insurance carrier pays for the damage made on the building. Both you and your landlord will save money.


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