Whether you are a new property or business owner or you’ve been in business in Houston for a long time, you understand all the various costs of owning a business. From regular maintenance, managing depreciation, insurance premiums, to occasional fixes, and upgrades, there is a lot to consider as you balance all of the costs of property ownership. There will always be costs of owning any large asset like a building. However, there are also ways to lower costs, and one means to do that is through lowering your insurance premiums.
Keep reading to learn more and visit the Commercial Door Service blog to learn how we can help you. We offer commercial door repair as well as commercial door installation and more. Call us day or night, rain or shine to get repair services that you can count on. Commercial Door Service has your back, Houston!
Seven Ways to Lower Property Insurance Costs
Lowering the cost of your insurance can not only save you money, but the means of lowering your insurance costs can serve you in many other ways such as increasing the security and safety of your building. Here are a few ways to lower the costs of insurance on your property.
If you have had the same insurance that you’ve had for years, it’s easy to keep doing what you’re doing. However, even if you think you have the best rate, it is always important to shop around to know that you do. Work directly with an independent broker, and specifically one that specializes in insuring your type of property. They can help you find those insurance companies and plans that are tailored specifically for your type of business and building usage. They will also know how to protect your assets best.
Raise Your Deductible
Raising your deductible can also lower your monthly insurance costs — when you increase the amount of your deductible then monthly payments decrease. However, it is important to understand that if you do encounter a billable problem with your building, you will have to pay more of your own money versus the insurance company paying for damages — if you raise your deductible. Deciding on what works best for you based on factors such as location, the type of building and business, as well as your other policies can help you decide on how to set up your policy.
Another way to save money monthly is to combine your policies and locations into one policy. It can be more cost-effective to combine your investments into one policy — especially if you still need to meet the minimum premium. As you “bundle” your insurance policy needs, there is greater potential to decrease your insurance premiums.
You should also investigate other various discounts offered by your insurance company of choice. There are a lot of options available to you, if you know to look for them, as well as how to ask the right questions. As you discuss your options with your broker, be sure to discuss possible other discounts.
Change Coinsurance Percentages
Changing your coinsurance percentages can help to lower costs as well. In some cases, you may want to increase your co-insurance to 100%, reducing your costs. You may want to do this if you would like to insure your building to its fullest replacement costs. However, if you own an older building and it would cost more to replace it than to rebuild it using modern building materials and techniques then you may want to reduce the building’s replacement cost to match the modern rebuilding costs.
You can also decrease your spend on insurance by improving your security and safety of your building. Insurance companies usually like to reward building owners for their own improvements that they make to their building that will make it less likely to need repairs or replacements. Here are some ways to increase the safety and security of your building.
Review OSHA Requirements
Reviewing the requirements dictated by the Occupational Safety and Health Administration (OSHA) can be a great place to start for increasing the safety of your building. Some building uses and occupations naturally include more risk — make sure that you are providing all that your employees or occupants need to remain safe while on the job. OSHA requirements can also dictate the safety of your clients and customers as well; be sure that they are always safe when your building is completely OSHA compliant.
Repair Your Doors or Install New Ones
Even if you and a few others are the only ones who use your commercial doors, it is important that they are in working order. This will dictate your building’s level of safety (i.e. allowing for accordance with fire code). Metal doors exposed to the heat of Houston summers can easily become warped and, as a result, are difficult to open and close. Doors to bathrooms, the building’s entrance, or sections of the building can become damaged and work less than their best simply due to use and their need to be replaced.
By repairing your doors right when they show signs of damage, you can extend the life of your door and inadvertently increase the security and safety of your building. Signs that your doors need to be replaced include:
- Bent frames
- Outdated designs
Upgrade With Fire Doors
Upgrading to fire doors can be an easy way to increase the safety and security of your building. First, fire doors — if installed correctly and maintained — let nothing through. A fire door has this capacity due to the special seals that are placed on the doors: beyond a certain temperature, these seals expand and will not allow smoke or fire through.
Some fire doors will have thick glass allowing for a view of the outside world, or whatever is on the other side of the door. Some doors will have wired glass — glass fitted with wire mesh on the inside. This thick glass is designed to increase safety and fire-resistance.
Fire doors are designed to close automatically which can increase your building’s security and allow the door to function effectively in the case of a fire.
Install Panic Bars
Modern fire doors and many commercial doors already have panic bars installed within them as part of the door. However, if your doors don’t have them, it’s time to consider installing them as soon as possible. Why? Panic bars are essential for making sure that the occupants of your building are safe. Panic bars came as a result of various tragedies that occurred in the states and over the pond in England. In some cases, hundreds of people — children in some instances — perished because the doors in their building were locked and/or difficult to open. Panic bars allow easy, fast exiting that can also prevent trampling. Panic bars will increase your building’s safety, come in a variety of styles to fit the aesthetics of your building, and are incredibly affordable — and can be a sure way to lower insurance costs.
A few other ways to increase the safety of your building can include other improvements such as smoke detectors, carbon monoxide detectors, and other upgrades.
When you improve the safety of your building, you may also be increasing the security of your building as well. A few ways to up your property’s security include:
Upgrade Lock Systems
A basic deadbolt with key can provide security that you can rely on. However, there are many other commercial locking systems that are made for commercial spaces that can provide the same level if not more security, and make keeping your building safe easier — such as an electronic locking system.
Add Lighting & Monitoring Systems
Increasing the light around your property can be an easy deterrent for those that might be up to no good. Would be criminals will find your building less appealing against attacks and the place to do shady business. Monitoring systems that offer surveillance as well as an alarm system can often be inexpensive and both deter attacks as well as help monitor your building. You can even install cameras that connect to your wifi so you can monitor your building from anywhere in the world.
To understand the possibilities for your building and how you can cut insurance costs, talk to an insurance professional. They can guide you as to how you can make improvements to your building that will benefit you in a variety of ways — including decreasing your monthly insurance costs.
Need Commercial Door Repair or Installation?
Commercial Door Service offers Top Rated Local® commercial door repair and installation on your doors in Houston. We have been in the business for a decade and can be there to repair your door rain or shine, 24 hours a day, 7 days a week. Visit our website to learn more about our services and the possibilities for your building, and contact us for your repair or installation needs.