How to Get the Best Commercial Property Insurance Quote in Louisiana 

There’s one insurance you cannot overlook if you are a business owner in Louisiana. It doesn’t matter if your business is at the startup level or if it’s a big corporation, you need commercial property insurance in Louisiana all the same. 

This insurance can be the difference between rebuilding your business and closing down the business in the face of a mishap. In the event of a fire outbreak, theft, or natural disaster, this insurance can be the only compensation you get for your troubles. Knowing how to get the best quote can help you overcome most of the insurance challenges policyholders face.

So, how can you get the best possible insurance quote that is both budget-friendly and meets your unique needs since commercial property insurance costs approximately $1,430 annually?

If you are currently asking the same question, don’t fret. We have written a guide you can follow to get the best commercial property insurance quote for your business.

First things first.

What Can You Insure With Commercial Property Insurance?

What items can you cover with commercial property insurance? A lot of people take this for granted. But it’s an important question you must answer first before you search for a commercial property insurance quote in Louisiana.

Generally, commercial property insurance protects your business property where you conduct your business activities. But it also goes beyond your property. 

It also covers assets on that property such as office equipment, furniture, inventory and stock in the property, manufacturing equipment, etc. Other items it can cover are your accounting records, signs, fence, and landscaping.

It protects them from damages caused by events such as fire, theft, vandalism, and natural disasters like hurricanes, which are all too common in Louisiana. 

So if your property and the business items in it get stolen or destroyed, the insurance company you choose will compensate you because your policies cover such events.

Procedure for Getting the Best Commercial Property Insurance Quote in Louisiana 

Like every other state in the United States, Louisiana has a lot of insurance companies that offer reasonable premiums and can send a quote as soon as you request for it.

But here are some steps you need to take to get the best:

1. Understand Your Property Needs

This is the first thing that comes into play as soon as you realize your need for commercial property insurance. 

Your property and all the details surrounding it will determine the kind of coverage you will request. Weigh the location, size, and type of your commercial property before you ask for a quote. 

If you have all the details handy, it can go a long way in helping the insurance company calculate a suitable premium for your business.

2. Assess the Risks

Take a walk around your commercial property and assess the risks. Are you in an area prone to natural disasters like floods or hurricanes? 

For instance, if your business or commercial property is in Southwestern Louisiana, your business may be facing more risks as the area is prone to a lot of hurricanes and flooding.

Also, is there a risk of fire due to the nature of your business? If you run a restaurant business, your business has a higher fire risk than a law office or a bookshop. 

Once you understand these risks, you can then find it easier to determine the coverage you need. Don’t overlook the small details; they can make a big difference when it comes to insurance.

3. Shop Around – Don’t Settle for the First Quote

It might be tempting to go with the first commercial property insurance quote you receive. Maybe because you want to purchase a policy immediately or because you don’t want to spend so much time looking around.

However, we advise you to take your time and hear from different insurance companies here in Louisiana. Different insurance companies offer different rates and coverage options. 

Compare quotes from multiple insurers. This will help you find the best deal and also give you leverage in negotiating with insurers.

4. Consider Bundling

Bundling is a situation where you purchase two or more insurance policies together. One of the many advantages of bundling is that it can save you money.

Buy property insurance together with general liability insurance and business interruption coverage. The trio is known as Business Owners Policy (BOP). 

If you buy together instead of buying each as a single unit, you can get a discount from an insurer. So, as you get quotes from insurance companies, review their policies to see if they offer BOP. That would be more financially profitable for you. 

5. Evaluate Deductibles and Premiums

When comparing commercial property insurance quotes in Louisiana, don’t just focus on the premium. Pay attention to the deductibles as well. 

If your premium, the money you pay to the insurance company monthly is on the low side, you might likely have to pay a higher deductible. 

In the same way, a higher deductible may mean lower premiums, but it also means you’ll pay more out of pocket in the event of a claim. Find out how much premiums the company expects you to pay. Use that as a means to judge the quotes you receive.

6. Check for Coverage Options

Every business is unique, and your insurance coverage should reflect that. No business wants to pay for coverage they don’t need, including yours. 

So ask questions. Find out the exact coverages they offer and evaluate if they match your needs. To illustrate, you don’t have manufacturing equipment coverage if you work in an accounting office. 

This is why it’s important to look for insurers that offer customization options. If you can find insurance companies that offer both different types of coverage, any quote they send to you will reflect your chosen coverage. It also ensures that you have the right protection where it matters most.

7. Ask About Discounts and Credits

Insurance companies often offer various discounts and credits that may apply to your commercial property insurance. Go through all the quotes you get and take note of the ones that with reasonable discounts. 

Ask about safety measures, security systems, or other factors that could qualify you for discounts. Usually, when you keep your property in good condition, you can often get lower insurance premiums.

So, although an insurance company may not tell you this outrightly, the state of your property can greatly impact the quote you will get. And because quotes are not always fixed, considerations like this could mean getting great quotes from insurers.

Conclusion

Finding the best commercial property insurance quote in Louisiana is not as hard as it seems. If you ask the right questions and understand what to look for, you will get a quote that will meet your expectations.

While at it, remember that it’s not just about getting coverage; it’s about getting the right coverage for your unique business. 

Whether you are particularly in Louisiana or another state with similar terrain, these guidelines can help you get great quotes for your business. Begin your journey to protecting your property today.