There are a number of factors that influence property owners’ insurance decisions and some of these can change over time. Here are some examples as to why you might need to reevaluate your current commercial insurance coverage:
- A new company or tenant moving into the property to replace the existing tenant.
- If you own a warehouse that is leased out to businesses, you may need to allow for adjustments to your cover if the new business has operations that differ from the previous occupant. This is to ensure that the various equipment and materials and the associated risks of storing and operating them on site are aptly accounted for in your policy .
- Environmental factors can also necessitate a change in policy. For example, the government may build dykes, levies and dams to manage floodwaters during periods of high-volume rain.
If these measures reduce the risk of flood for a building in a particular area, owners may want to explore how this will affect their premium. An insurance broker can help by assessing the available options for commercial property owners to ensure they have the right cover for the best possible price.