Commercial Property Insurance Tips From The Hartford
If you’re a new or existing owner of commercial property, it may be a good time to consider purchasing insurance to help protect it.
Commercial property insurance can help protect you and your business if a fire, theft or other covered disaster occurs on your property.
For example, say a fire breaks out in your business’s building. As a result, you are forced to suspend your operation as repairs are being made. Commercial property insurance can help cover costs while you are shut down.
Commercial property insurance helps protect your business’s:
- Personal property
The U.S. economy has been growing stronger since the Great Recession in 2008. As a part of this economic recovery, demand for construction services have already started to grow and commercial property purchases have increased.
As you consider commercial property insurance you may want to take a look at its history. The industry formed in 1666 after the Great Fire of London. This fire destroyed 13,000 homes and businesses.
As you might imagine, the insured commercial property owners of recent years have fared better than those during the Great Fire of London.
Regardless, discussing your commercial property insurance options with The Hartford is a good idea. We’ll work to help provide you with the best protection possible. After all, we know how important your business and livelihood are.
Top Business Insurance Tips
At The Hartford, we want to help business owners and small business owners make the right choice in commercial business insurance. That’s why we offer business insurance tips that every small business owner can benefit from. Our tips include:
- Don’t go with the first quote you see. As you shop for coverage, be sure to compare and contrast multiple policies. It’s easy to be sidetracked by the first commercial property insurance plan you are offered. If you shop around there is a good chance you will discover a better insurance package. Be sure to consider the overall price and what is covered as you review policies. As you shop for coverage, keep in mind that there are pros and cons to different firms. Some firms have stellar reputations while others make it difficult to get a payout when you need it. This means that it pays to do your research.
- Know your terminology. While “insurance speak” may seem daunting or complex at first, it isn’t hard to understand once you master a few key definitions. For instance, you’ll want to know the difference between terms like excess, premiums, deductibles and more. Investopedia is an excellent free resource where you can brush up on your insurance lingo.1
- Watch out for unexpected costs. Some insurers may not explain all the costs and variables up front. For example, you could end up with a high-deductible insurance plan. This means that before a payout is made, you will have to spend a significant amount of out-of-pocket money before you can make your insurance claim. Now let’s say a major fire severely damages one of your warehouses. Moreover, let’s assume your commercial property insurance covers up to $2 million in repairs but has a $200,000 deductible. This means you must cover the first $200,000 worth of costs to repair your property before your insurance company helps to pay for anything. While deductibles are a standard feature of property insurance policies, their amounts can vary by policy and state. Don’t fly blind. If you have questions about costs, premiums or deductibles, or business insurance in your state, speak with a professional from The Hartford.
- Understand the tax implications. You can save a significant amount of money on your taxes by purchasing insurance because it’s tax deductible. When planning your financial models for your commercial property business, be sure to factor in the insurance costs as a write-off.
- Consider an insurance bundle. There are many different types of business insurance protections offered by insurance companies. These include flood insurance, tornado insurance, fire insurance and many other types of coverage. These coverages can be purchased individually. However, if you bundle your insurance coverages, you will be able to save money. You’ll also be able to better protect your commercial property. Discuss your risks, additional coverage and potential business owner’s policy (BOP) with The Hartford today. We’ll ensure you are getting the coverage you need for the right price.
While keeping these tips in mind, also make sure to review your BOP every year, as no two businesses are alike. In fact, your small business can change greatly within the course of 12 months.
Get More Business Insurance Tips From The Hartford
The Hartford insurance company has been in business for more than 200 years. With years of experience, our tips will help you make the most informed decisions possible for your business. Our knowledge coupled with our dedicated staff helps business owners navigate their business insurance policy. It doesn’t matter if it’s their first or their fifth policy. We’ll help each step of the way.
If you would like to learn more about commercial property insurance from The Hartford or would like more business insurance tips, contact us and get a quote today.
1 This link is provided for informational purposes only. The inclusion of this link does not imply an endorsement or association.