Building and maintaining a company is challenging—countless hours go into ensuring that your business is a success. However, being caught unprepared for fire, theft, and natural disasters can render all that time and effort wasted.
Fortunately, there is a way to make sure that your company is protected. With the right insurance policy, you can ‘mix and match’ several coverage types into a single, affordable policy. This will help cover the cost of those assets that were lost due to a disaster.
Often, consumers are skeptical of the promise of such an easy solution to such an expensive problem. After all, how can damages that should cost a fortune be covered for an average cost of $63 per month? To answer that, we need to go through how commercial property insurance is calculated.
First, it is crucial to understand that processes vary depending on the size of your business. For instance, a small business may pay as little as $500 annually, while a larger company could pay as much as $500,000.
Several factors impact the cost of your specific commercial property to be insured:
- Structure of your building
- Location of your property
- Previous protection measures
Understanding how your building was constructed and what safety measures have already been added might reduce the coverage cost. For example, if the property were built with a fire-resistant material, it would reduce the insurance cost since it indicates that you are at less of a risk for a fire.
Overall, coverage price is determined by your business’s general risk, which different aspects of your company influence. Once these variables are evaluated, an agent will decide on a carrier that is the most competitive for your commercial property.
Call an Avery Hall agent today to discuss your commercial property needs at 410-742-5111.