Insurance premiums on commercial properties / buildings skyrocketed nearly two times between 2013 and 2023, this is from an average of $1,558 per property per recurring month to $2,726. This has been seen to be due to inflation, severe weather changes, ever-rising repair costs between these properties, and insurance continuing to rise every year.
While the owners of these properties can’t control every factor behind these properties premiums, there can be many things that can be done to prevent maintenance and reduce some of these risks that lead to all the high damage levels and insurance claims for those damages.
As you may know, commercial roofs are challenged heavily throughout the year due to unexpected weather changes. Snow, hail, high winds, ice, temperature changes, and even drainage system clogs all play a factor in greeting potential problems for the property owners. Some facilities also see trouble when exposing their roofs to grease, chemicals, exhaust, and dust throughout everyday. It is also seen that experiencing minor issues and not resolving them with correct maintenance can then turn into very expensive repairs without regular inspections.
This very much could be a proactive maintenance program that calls for yearly inspections, especially important afet storms when leaves, snow, and ice are building up. So simple maintenance can really go a long way in preventing larger issues in the future.
According to Kato Roofing, yearly maintenance of a 20,000-square-foot-commercial roof could run from $2,000 to $3,000 and could save these companies between $100,000-$200,000 over the whole lifespan of said roof in very unnecessary costs. Also, planning maintenance beforehand can also extend the roofing lifespan and prevent the idea of a replacement.
Record-keeping is also another very important aspect of a company’s risk management. Maintenance should be seen as an investment rather than another expense. To keep these records of inspection, repairs, and safety procedures it can be used to prove responsible maintenance of a property.
Companies adhering to this preventive maintenance won’t directly see a translation into lower insurance costs but will further assist with a better financial plan for their properties with fewer concerns coming up in the long-run.
Source: Kato Roofing
