The cost of commercial insurance has doubled in the past decade, creating headaches for building owners and managers. A steady rise in extreme weather events directly correlates with the increased expense. Severe storms, floods and weather conditions contributed to $92.9 billion in estimated recovery costs nationwide. 42 extreme events are projected by 2030. At an 8.7% compound annual growth rate, the monthly cost of commercial insurance for one building could be nearly $4,890.
“This added risk has caused certain insurers in some states to reduce coverage or vacate altogether.” – Time Magazine.
Your roof maintenance record is one of the fastest ways to change how much you spend on commercial insurance. Since insurance premiums are primarily affected by filed claims, preventative maintenance decreases the number of claims filed, including those related to liabilities and property damage. Lower premiums are produced from better loss records. Additionally, reduce wear-and-tear-related claims through asset care and risk management.
Life cycle roof management defends against natural hazards such as freeze and thaw, hail, strong winds and ice dams. The program also protects against industrial factors such as grease, dust, chemicals and burnoff.
By spending between $2,000 and $3,000 a year on a maintenance program like those offered by Kato Roofing, you can save $100,000 to $200,000 in unnecessary costs throughout the roof’s lifetime. A life cycle roof management program in the Midwest includes annual inspections, drain cleaning, snow removal and heat tape installation. Risk mitigation is also included to address the injury risk commonly associated with snow and ice. To maximize the insurance value of preventive maintenance, keep detailed maintenance records on all your roof’s inspections, repairs, and safety checks. This documentation will better establish your coverage eligibility, deductibles, policy discounts and more agreeable insurance terms.
Source: Kato Roofing
