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Protecting Your Investments

Hello! My name is Michael and I would like to offer you some advice and information about protecting the money that you have invested. I'm not a financial expert, but since I started out investing my money a couple of years ago, I have learnt a lot about the steps you need to take to ensure that you not only get a good return on your investment but that it is also safe from any changes in the price of gold or stock market shocks. I learnt a lot of this from my brother-in-law who is an investment expert. I hope you find my blog useful.

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Commercial property insurance is essential for you

Business Insurance: Understanding the Factors Influencing Property Insurance Premiums

Commercial property insurance is essential for your business in case an incident resulting in the damage of the premises occurs. Unfortunately, the cost of a good insurance coverage can be high, and this can limit your ability to protect your company. Therefore, if you are planning on purchasing a new policy, you should understand the factors influencing the costs of property insurance premiums. This information will help you take management measures for your coverage expenses:

Location

The most common factor affecting the cost of property insurance premiums is the location of the building. In general, the geography of your region will determine the natural and environmental risks to which your commercial structure is exposed. For example, some areas are more prone to flooding, storms and landslides. Moreover, properties in some locales are targeted more frequently by thieves and vandals. If you are experiencing higher insurance premiums because of location issues, you should enforce measures to reduce the risks. For instance, you can reinforce your building against natural disasters or improve security measures for lower premiums.

Age of Building

If your business is operating from an old building, your insurance might charge higher fees for your property coverage. In simple terms, older structures are considered to be high risks assets which are more prone to certain forms of damage. For example, fires can be caused by old or faulty building, and the foundation might not be in ideal condition. If your insurance premiums are high due to the status of your building, you should consider performing some extensive refurbishments. The restoration will reduce the level of risk for the insurer. Consequently, you can negotiate lower property insurance expenses for your business.

Business History

Numerous business owners do not realise that their history with insurance is taken into account during the calculation of premiums. Simply speaking, the insurance companies will look at the number of claims that you have made in the past and their purpose. If your business has made multiple claims for property related insurance, the insurer will consider you a high-risk client. The company will assume that you will file more claims in the future. So, they will raise your premiums. Unfortunately, there is no quick fix for this issue. If you would like to manage this factor, you must minimise the number of claims made and then negotiate lower policy costs. 

If you are looking for the best commercial property insurance rates, you should consult a company like National Corporate Broking Pty Ltd for professional and personalised guidance.