Business Property Options

Affordable Options for Your Business Property Insurance

We understand that as a business owner, you’re constantly watching the bottom line and looking for good deals. That’s why Nationwide’s property insurance rates are priced right to give you the best coverage for the money.

Different factors and levels of risk impact how much property insurance will cost – a lot has to do with the location, type of business, building’s construction makeup and exposure to nearby risks.

We will work with you to help lower your risk and design complete property insurance coverage to meet the needs of your business – while saving you money, too.

How to determine your property insurance rates?

Typically, commercial properties insurance premiums are set by multiplying the value of the building and its contents by a value associated with the level of risk involved. Most of the time, properties with high risk have higher property insurance rates, while lower risk properties cost less to insure.

These variables help determine your property insurance rate.

Construction

The type of materials your building is constructed of and its overall condition will impact your rates. Buildings made of more fireproof materials (brick) or those with fire-resistant interior floors, walls and doors are less to insure. Typically newer buildings or those with recent upgrades of electrical wiring, plumbing or the HVAC systems will also cost less to insure.

Occupancy

The use of the premises will impact the property insurance rate. A restaurant or auto repair shop is more likely have a higher risk than a florist shop, and cost more to insure. And if your business shares space with a higher risk tenant, your premiums will cost more.

Protection

When your business is located in an urban area with a fire hydrant or fire station nearby, your property insurance rates might be lower. If you have an alarm or sprinkler system, your rates will also most likely be less.

Exposure

When your business is located in a crime-ridden area, your premiums might be higher. Surrounding neighbors also impact your rates. If your business is located near an oil refinery or fireworks factory, your property insurance rates will be higher.