Ways to decrease the cost of commercial property insurance
The type of building and any additional safety and security measures can factor into insurance costs. For example, building with brick and mortar construction could mean a lower risk of water fire damage, and having sprinkler systems, fireproof doors, and smoke detectors may also lower your costs.
Security plays a part when the goal is to decrease insurance premiums too.
- Structured security alarm system
- Security guards on site
- Security cameras and monitoring systems
Other factors that lower your costs include upkeep and maintenance of your premises, occupied premises as opposed to vacant, and proximity to other locations.
You can take a proactive role in lowering commercial insurance costs by:
- Making sure your company has increased safety precautions in place to prevent accidents or injuries
- Creating an emergency plan for all employees to know what to do if there is an emergency or fire
- Creating a disaster recovery plan so your company knows what they will do if there is a natural disaster
Your insurance company also considers the history of the area and whether Manitoba’s natural disasters are likely to cause damage in the future or not.
