Tips To Save On Business Property Insurance

Insurance Blog

Taking out a business property–insurance policy is a must for any responsible small-business owner, but the cost can sometimes put a stress on the bottom line. Fortunately, there are several ways you can help to make your policy more affordable. Even better, many of these will also benefit your business even more in the long run.

Tip #1: Install a security system

Protecting the property is the easiest way to lower your rates. Installing a simple alarm system to guard against break-ins and vandalism will lower your insurance rates, as well as provide peace of mind. The most basic systems will alert law enforcement of any forced entry through doors and windows. You can also upgrade to a video-surveillance system or monitored system, which can be particularly useful if external vandalism is as much of a concern as a break-in. Another sometimes overlooked but simple security upgrade is to have shatterproof film applied over your glass windows and doors.

Tip #2: Upgrade your safety systems

Most businesses must come equipped with a fire extinguisher and an emergency exit at the bare minimum, but installing further fire-suppression systems can lower your insurance rates. Something as simple as a zoned overhead sprinkler system can mean the difference between fixing a small amount of damage or rebuilding from the ground up. Restaurants, in particular, because they present higher fire danger as a result of having a commercial kitchen, can experience huge savings by installing targeted suppression systems.

Tip #3: Update your basic services

Small businesses, particularly those in older buildings, are often using outdated basic services. This means the electrical panel may have been made for a time when there was less demand on electricity, or it may have been installed for use in a different kind of business. If your business puts a higher demand on the service, such as by using more computers or electronics, there are increased chances of a short leading to an electrical fire or damage to your equipment. It can only take a small power surge to bring down an expensive computer system, after all. Power issues can also affect security by taking systems offline. Bring in an electrician to update the electrical panel, so it fits the needs of your modern business, and you may enjoy lower insurance rates.

For more help and to learn more about lowering your rates, talk to a business insurance agent like Insure With U.S.


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