Building Bares All - Property Insurance

Guest post by: Claudio Cipriani
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Didn’t I park my car here? - By Claudio Cipriani

Location location location - a truism with any real estate consideration - It doesn’t matter whether you are buying a new home or leasing a commercial space, location is very important for future financial gain. In the insurance world, there is something else that you should take into account when searching for your next space: The construction of the building - why? Well simply put - Fire Prevention
When an insurance broker asks you about the construction of your building, they are looking for specific things (even if they don’t know what it is haha - just kidding). When you decide on the space for your particular business, you should seriously take a look at the way it was built and the materials used because certain materials help deter the spread of fire which could potentially save your life.
For example - most homes are built of frame construction - that is, wood on wood supports. Fire spreads quickly through the structure and if bad enough, will take out the whole building. As you start to introduce more flame resistance materials, the spread of fire slows and there is a greater opportunity for the fire department to put out the fire and save property (lowering your property insurance claim).

Non-combustible buildings are typically newer and are made of materials that will slow a fire down by 2 hours - imagine how much of your business can be saved! If you are one of those people who thinks, ” That’s what i have insurance for!”, you are correct and incorrect at the same time.
You see as much as I as a broker can insure your property, your liability and your profits, I can’t insure a vital aspect of your business - Momentum.

In sales, momentum is a tough thing to build, but once you build it, you feel as if you don’t want to stop for fear of losing it. The same applies to your business (especially in the 2008-2009 economy). Picture for a moment, your sales are holding steady or increasing, the office is bustling with activity, production is steady and suddenly the fire alarm goes off.

What would be more harmful to you - a total loss or a partial loss. Here is where the construction of the building is so important. So the next time you are looking at signing a new lease, it may be wise to bring your insurance broker along - it could save your business.

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Didn’t I park my car here? - By Claudio Cipriani

About the Author: Claudio Cipriani

RSS for Claudio's articles - Visit Claudio's website
Claudio Cipriani is a registered insurance broker that represents: Several property and casualty insurance companies through the offices of Mitchell Sandham Insurance Services Desjardins Financial Security, Great West Life, Empire Life, Manulife and other carriers through Mitchell Sandham Financial Services. I hold my BA in Sociology from University of Western Ontario, graduated top of the class in the RIBO level 1 licensing course and holds his full LLQP Life License, regulated by the Registered Insurance Brokers Association of Ontario & the Financial Services Commission of Ontario and is trained by Cookston-Walker as a Commercial Insurance Producer. Using my extensive and ongoing training in business insurance, life insurance and insurance strategies, I am committed to providing tips, advice, and explain more complicated concepts to you in real life scenarios so that you can better understand the insurance world and your own insurance policy
Click here to visit Claudio's website.

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