Improvements That Can Reduce a Commercial Property’s Insurance Premiums

Insurance can represent a significant portion of a commercial property’s operational expenses. Here are three strategies that may help you see a reduction in the cost of your commercial building’s premises.

Address Defects in Your Parking Lot

Uneven surfaces, potholes, and damage from winter storms and ice can create safety hazards in building parking lots. Insurers may take exception to defects such as these in a parking lot because they tend to be a common site of claims.

Even when individual drivers are at fault, a property owner or manager may be a more appealing target for a claim because they may have better insurance coverage. If you’re looking for concrete pavers Pittsburgh PA, work with a company that can offer you a competitive quote to repave an entire lot rather than do patchwork they may not hold up over time or perhaps cause more inconsistencies in an area’s surface.

In addition, inadequate lighting, or obstructions in drivers’ field of view may also need to be addressed.

Install a Video Surveillance System

A security system that includes video surveillance will help ensure that the premises are secure from trespass, vandalism, or theft. In addition, it can help protect commercial property from false claims. Some insurance carriers will offer reduced rates to businesses that have effective security systems that record incidents while also deterring them.

Perform Capital Needs Improvements

Building defects that could result in significant loss may have a big impact on your premium. When you’re making improvements to a property, it’s important to prioritize functionality before appearances. Roofing repair and replacements, concrete restorations, and faulty fire suppression systems are among the most common sources of serious damage.

Effective commercial property maintenance requires taking reasonable steps to prevent problems before they develop and establishing good working relationships with reliable service providers. Ultimately, it will make running your property easier and may help you reduce your insurance premiums.

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