While certain animated geckos would like you to believe that you can save money on car insurance with a simple phone call, changing car insurance companies can be a tremendous hassle. Instead, most of us would rather try out practical options for cutting costs on auto insurance. For example, did you know a dashcam can reduce your car insurance rates? Most don’t unless they’re an Uber driver.
Commercial property insurance is the same way. There are several ways to reduce your business insurance premiums, but many commercial real estate professionals aren’t aware of them. To help you out, let’s take a look at seven of them.
Improve your building’s security.
Security improvements may generate large discounts, depending on your insurance company. Closed-circuit television (CCTV) or video surveillance, burglar alarms and tamper-proof looks are just a few ideas for improving your building’s security that also protect you from losses insurance may not cover.
Improve your building’s safety.
Like security, safety improvements can generate discounts as well. Consider installing dependable smoke detectors with up-to-date fire alarms and a central station for reporting. Staying apprised of maintenance issues (e.g. wobbly handrails) and addressing them will also enhance your building’s safety.
Improve your building’s appearance.
The look of your property may have an impact on insurance premium rates, especially if the insurance company wants to see it in person for an initial assessment. Make sure there’s a fresh coat of paint on the exterior, no damage on the siding or roof, no visible garbage and so forth.
Invest in CRE Software
Commercial real estate software like Quarem can help you with safety, security and appearance improvements. With Quarem’s property management features, you can track insurance coverage, observe and record notes on maintenance and improvements, securely store and share all important documents and much, much more.
Raise your deductible.
It’s definitely not the most ideal option, but it’s one of the quickest. By raising your deductible, you can lower your commercial property insurance premiums in no time. Just make sure you’re able to afford that deductible if you ever have to make a claim.
Call your insurance company.
When it comes to discounts on your premium, sometimes all you have to do is ask. Call your insurance company and see if there are any unique discounts you’re not aware of, such as combining the policies for all your property locations into one policy. You may even qualify for a location-based discount. Mention some of the items referenced in this list and you may even have leverage in negotiating a more competitive rate.
Require tenants to carry insurance of their own.
Nothing is more frustrating than when your tenants make a costly mistake and you have to pay for it in the form of a bump in your insurance premium. Put the responsibility on them by including a clause in your contracts that requires them to carry their own insurance. The less claims on your property insurance record, the lower your cost of insurance.
Want to see how Quarem can help you manage your insurance policies and the documents and dates related to them? Request a demo of the today.