Owning a commercial property adds a significant asset to your portfolio. While you are in line to enjoy a major return on your investment, there are some potential risks to consider. To help you maximize your investment, here are some commercial property tips to consider.
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Implement a High-Level Tenant Screening System
Choosing reliable tenants can prevent problems from happening in the future. While it’s important to market your property to potential tenants, it’s recommended that you establish a high-level tenant screening policy. In addition to running a complete background check on potential tenants, it’s recommended that you complete a litigation search. It’s also recommended that you meet with the tenant in person before finalizing their lease.
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Conduct Inspections
It’s recommended that you perform consistent property inspections to help reduce the likelihood of filing a commercial property insurance claim. If you notice any issues, it’s recommended that you make plans to address them as soon as possible. Pay attention to the roofing, flooring, windows, sidewalks, hallways, lighting, plumbing, landscaping, and HVAC system.
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Screen Vendors
If an issue arises regarding your commercial property, it’s important to stay calm. It’s recommended that you establish a list of vendors you can rely on in emergencies.
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Install Building Security
One of the most common reasons why business owners file a commercial property insurance Houston, TX claim is due to poor security. It’s recommended that you devote the necessary time to building a strong security system. Consider investing in motion sensors, alarms, monitoring cameras, and automatic lighting. Installing these enhanced safety features can help you qualify for a commercial property insurance discount.
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Monitor All COVID Updates
While the effects of the pandemic appear to be trending downward, COVID is still a factor. It’s recommended that you continue to put safety measures in place to fight off the potential impact of COVID. Losing focus for even a small amount of time could lead to a COVID outbreak. It’s recommended that you invest in minimal contact features such as automatic doors and plumbing. Installing motion-sensor faucets is also recommended to help minimize the spread of COVID.
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Perform Regular Maintenance
Performing regular maintenance is recommended to ensure that your property continues to look appealing. Perform monthly landscaping and change the light bulbs as necessary. It’s recommended that you install fire alarms, carbon monoxide alarms, and first aid kits all over the property. Replace any appliances and equipment once they start to show signs of heavy wear and tear.
Consult with J. Archer Insurance Group
It’s recommended that you research an independent insurance agency in Houston, TX, as they can inform you of any recommended coverages to help protect your investment. The team here at J. Archer Insurance Group can help you find the best policy that aligns with your needs. Contact us to get started with your commercial property insurance today!
