So you’ve decided to start your own business. That’s great! At the same time, if you aren’t adequately prepared it can be a nightmare. Heck, even if you ARE prepared things can take a turn for the worse. But you can minimize disasters by trying your best to stay on top of everything, or hiring someone who can stay on top of certain things for you. One important thing when setting up your business is to make sure that your business is properly insured. Here are a few tips for getting the right coverage for commercial property insurance:
1. Create an inventory of the assets of your business that you want insured.
This is the first step you should take before beginning to research different business insurance agents. Aside from the actual building space in which your work is done, there are other parts that you can get insurance for. Consider equipment like computers, fax machines, printers, other electronics, and even furniture. You might also have signs or storage facilities. Basically any physical item that you use to conduct your business can potentially be insured.
2. Consider what kind of coverage you want.
There are various options when it comes to purchasing commercial property insurance, all of which your insurance agent should go over with you. For example, there’s all-risk insurance, which is a very broad type of commercial property insurance that covers essentially everything. Even if your business equipment breaks accidentally, and not as a result of, say, theft, all-risk insurance would cover this. Keep in mind that all-risk insurance is typically much more expensive. Other considerations to keep in mind are whether you want ACV (Actual Cash Value) repayment or replacement funds when you end up making a claim. ACV will repay the actual cost of your depreciated assets that were stolen or damaged, and replacement funds will give you the funds to rebuy the similar assets at standard prices. ACV repayment usually means cheaper premiums.
3. Take steps to reduce your commercial property insurance premiums.
There are many preemptive steps you can take that have the potential of lowering your business insurance premiums. For example, installing alarms, fire extinguishers, fire and smoke alarms, etc., can go a long way in helping you get cheaper coverage. Ask potential insurance agents what else you can do to get discounts. Some insurance companies will provide discounts if you purchase both personal and business insurance from the same company.
Of course, these tips are only the beginning when it comes to acquiring the right type of coverage. For more information on commercial property insurance, check out this great resource. Good luck!
Susan is a freelance blogger who enjoys writing about automotive and health news, technology, lifestyle and personal finance. She often researches and writes about automobile, property and health insurance, helping consumers find cheap insurance quotes and the best protection available. Susan welcomes comments.