Businesses juggle a variety of risks on a daily basis. Be it damage to the physical establishment or business-related archives and records, to the risks that come with selling property and managing real-estate, priority attention and routine maintenance are imperative.
Commercial real estate insurance is an essential aspect of business ownership, one which will not only ease the stress linked to damage or other risks, but can be an important part of managing a businesses reliability and success. Most agencies that offer commercial real estate insurance provide various services including standard commercial property, general liability, and business owner’s policies. Other businesses go above and beyond by offering loss control and cost containment programs, risk management solutions, and safety-related communications.
Choosing the appropriate commercial real estate insurance company for your business may determine the success of a venture in the event of unforeseen events or disaster. Therefore, it is important to know what aspects to look for in a quality commercial real estate insurance company.
3 Aspects of Quality Commercial Real Estate Insurance Company
1) Assessment of Risk Management
Risk management for real estate insurance involves the assessment and prioritizing of risks involved with certain physical locations in tandem with the type of business inhabiting that space. Risks come in all shapes and sizes including financial market fluctuation, project failure, legal liabilities, accidents, and natural disasters, to name just a few.
A quality commercial real estate insurance company will not only offer a risk assessment, but will follow-up that assessment with a coordinated application of resources to help minimize and monitor the identified risks. In doing so, your insurance company will help circumvent issues caused by unforeseen events, as well as help to invest in preparedness. In short, a commercial real estate insurance company will be successful in deflecting uncertainty from the main goals of the company.
Compliance is an imperative part of a businesses overall legal stability and can involve various platforms. Some of these include software and vendor standards or even industry regulation and governmental legislation compliance standards.
The ability for a business to follow established guidelines and specifications falls heavily on the quality and involvement of their commercial real estate insurance company.
The key factor: if a business is not in accordance with specific compliance guidelines, choose a commercial real estate insurance company with the ability to align your business with compliance guidelines.
The level, quality, and type of communication between a commercial real estate insurance company and their clients is determining factor in the sustainability of the relationship and the value of service to be expected over the course of the partnership.
It is important to be open, honest, and specific about the type and amount of communication that is necessary. Be it email, phone, video conference, each client has a different way of conducting business.
The level of communication will be determined by the type and level of services a business requires. If a business is working on fine tuning compliance standards, communication should be routine and often. Once a business is established with a commercial real estate insurance company, communication can be decreased, yet there still should be open and easy opportunities to check-in, ask questions, and access an agent.
Brier Grieves Agency, a Florida-based insurance company, provides high-quality, reliable personal insurance and risk management solutions, advice, and guidance. Offering business, homeowner, auto, boat, flood, and life insurance, Brier Grieves is a one-stop-shop for all insurance needs. With over 25 years of experience, Brier Grieves’ overall mission is to protect their client assets through exceptional and knowledgeable insurance solutions paired with superior customer service. For more information or to speak with a representative directly, please feel free to contact us.