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Nationwide Property Insurance Rates: Affordable Options for Your Business

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 and type of your business, what the building is constructed of, and your exposure to nearby risks.

A Nationwide insurance advisor 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 are property insurance rates determined?

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.

“At Nationwide, we base commercial properties insurance rates on what we call COPE,” says Brenda Miller, Commercial Sales Agent for Nationwide, “”C” is for construction, “O” is for occupancy, “P” is for protection and “E” is for exposure. We carefully look at each one of these factors. ”

These variables help determine the level of risk, and ultimately your property insurance rate.

• Construction
  The type of materials your building is constructed of and its overall condition will impact your property insurance rates. Buildings made of more fireproof materials, such as 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 also will 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 an florist shop, and cost more to insure. And if your business shares space with a more higher risk tenant, your premiums will cost more.
• Protection
  If your business is located in an urban area with a fire hydrant or fire station nearby, for example, your property insurance rates might be lower. If you have an alarm or sprinkler system, your rates will most likely be less.
• Exposure
  If your business is located in a crime-ridden area, your premiums might be higher. Your surrounding neighbors also impact your rates. If your business is located near an oil refinery or fireworks factory, for instance, your property insurance rates will be higher.

How much should I pay?

Property insurance rates will vary from company to company, and are determined by your specific property, its level of assigned risk, the addition of any endorsements, and the total amount of coverage. A good rule of thumb is to always buy as much coverage as you can, and make the deductible the highest you can afford. With that, your property insurance rates should be manageable.

Contact a Nationwide agent today and find out how our business property insurance can protect your business and save you money down the road.