What steps can I take to lower my Commercial Property insurance premiums?
Find out how you can lower your commercial property insurance premiums and still get the coverage you need.
Updated May 29, 2023.
Commercial property insurance can range between $27 and $98 per month for many businesses, but this can differ depending on your industry, property value, location and more.
Fortunately, there are some steps that you can take to help lower your business's commercial property insurance premiums.
» Check out these steps to smart small business decision making
1. Assess your risk profile
Insurance companies consider the level of risk associated with your business before determining premiums. Businesses in higher-risk areas may have higher premiums.
If your business is in an area prone to weather events like windstorms, for example, you can implement risk management strategies like:
- Installing safety equipment
- Making structural improvements to your property
2. Opt for higher deductibles
By opting for a higher deductible, you take on more risk, and the insurance company takes on less. So they're more likely to offer you a lower premium.
Try to choose the right deductible amount for your business. Typically, the higher the deductible, the lower the premium. But you wouldn't want to set your deductible so high that you won't be able to cover the cost in case of a claim.
3. Bundle your insurance policies
Bundling your commercial property insurance with other policies can help lower your costs. Some of these policies include:
Insurance companies may offer discounts to businesses that buy multiple policies from them because it can reduce their administrative costs.
4. Shop around for quotes
It's a good idea to weigh up your options so you can find the best deal to meet your insurance and budget needs. Going with an expert provider you can trust to guide you through the insurance process can limit any worry about whether you're covered or not.
Tailor Commercial Property insurance with NEXT
If you're looking to lower your premiums and still get the protection your small business needs, you have options.
NEXT offers customizable, affordable commercial property insurance as well as other business insurance policies. Simply apply online and get an instant quote in under 10 minutes to view your options.
