If you own commercial property, you may or may not have considered purchasing commercial property insurance.
If you’re in the latter camp, it would not hurt to explore your options in the hopes of protecting yourself and your business in the event of an unforeseen catastrophic event – such as a fire – on your property. Here are some things to consider in the hunt for commercial property insurance:
Know the terms: Being familiar with the terminology common in the insurance industry – such as deductibles, premiums and excess – will help you feel more comfortable in talking with brokers.
Shop around: While it may be tempting to go with the first insurance quote you get, you have a good opportunity to get an even better deal by looking around at other companies. Consider everything when making your decision: overall cost; knowing what is covered; doing research on how easy or difficult firms are to make payouts if needed.
Know the tax implications: Insurance is tax-deductible, so you stand to save a good amount of money. You’ll want to factor this benefit into your financial model for your business.
Bundle up: To not only get the most thorough coverage for your business but also save money, consider bundling different protections, which may include fire, tornado, flood and more.
Expect the unexpected: Deductibles can vary widely, so know how much you could potentially be spending out-of-pocket if something catastrophic occurs on your property. Depending on the insurer, they may not fully explain what costs the business owner will incur before getting a payout.