Leavitt Group Texas Select Logo
Menu

6 Reasons to Keep Your Commercial Property Insurance

Written by Tony May—Co-Owner, Executive Vice President

October 22, 2024 · Commercial Lines

Blog 6 Reasons to Keep Your Commercial Property Insurance

In the past few months, many business owners across the Texas Gulf Coast have faced rising commercial property insurance premiums due to insurance companies passing the cost of coastal risks on to their clients. Of course, it’s natural to question whether maintaining this coverage is still worth it.

Have questions?
Contact us today.

Phone: (281) 953-5200

By selecting 'Yes' you consent to receive conversational text / SMS messages from Leavitt Group Texas Select. Reply STOP to opt-out, reply HELP for support. Message and data rates apply. Messaging frequency may vary. Privacy policy

Please note: coverage cannot be bound or altered online. A service representative will need to contact you to finalize your request.

However, keeping your property insurance is a wise decision despite the cost. Here are six reasons why.

  1. Risk vs. Cost

While insurance premiums may feel like a hefty expense, the potential financial losses from an uncovered disaster far outweigh these costs. Businesses along the coastline are especially vulnerable to hurricanes, flooding, and windstorms, which can lead to massive property damage. Your commercial property insurance is your financial shield against these unpredictable setbacks.

  1. Asset Protection

Your business assets—whether it’s the building itself, inventory, or equipment—represent significant investments. Property insurance ensures these assets are protected against the unexpected, saving you from having to start over or cover expenses out of pocket.

  1. Business Continuity

A disaster can halt your business operations, sometimes for weeks or even longer. Commercial property insurance can help cover the costs of repairs and other expenses needed to get you back on your feet faster. Without it, resuming operations could be delayed, impacting your long-term profitability.

  1. Replacement Value

Property insurance provides the funds to replace damaged assets at their current market value, not what they were worth when first purchased. Utilizing replacement value can be especially valuable as the cost of materials and labor continues to rise. Insurance ensures you can rebuild or replace without sacrificing quality.

  1. Unpredictability of Disasters

Texas Gulf Coast weather is notoriously unpredictable, and disasters can strike with little warning. Although saving on premiums by dropping your coverage is tempting, the cost of repairing or replacing property due to an unforeseen event would likely be far higher than your annual insurance cost.

  1. Peace of Mind

Ultimately, property insurance gives you peace of mind. Knowing you’re financially protected against disaster allows you to focus on running your business rather than worrying about “what if” scenarios. This security is invaluable, especially in uncertain times.

Want to Reassess Your Coverage?

If you’re struggling with the cost of commercial property insurance, our team at Leavitt Group Texas Select is here to help. Contact us today to review your policy and explore options that suit your budget while keeping your business protected.

Have questions? Contact:

Tony May

Tony May

Co-Owner, Executive Vice President

(713) 807-8264
Book an Appointment»

As the director of commercial operations at Leavitt Group Texas Select, I’m responsible for developing our commercial insurance team and overseeing account management, support, and talent acquisition. One of the best parts of my job is helping my team reach group goals by taking an encouraging and supportive approach.

I started in the insurance industry in 1998 as a captive agent with Nationwide Insurance, where I built an agency from scratch. In 2020, I transitioned my agency to become independent, and in 2022, I joined forces with Leavitt Group Texas Select.

I graduated with a Bachelor of Business Administration from Stephen F. Austin State University and continue to educate myself in subjects relevant to my career. I’ve earned my Life Underwriter Training Council Fellow (LUTCF) designation and am a member of several professional organizations, including the Independent Insurance Agents of Houston and Texas, Professional Insurance Agents of Texas, and the Houston Builders Association.

My wife, Felecia, and I have been married for 37 years. We have two sons, Tucker and Austin, a daughter-in-law, Karly, and recently welcomed our first grandchild, Jenna Grace. I enjoy spending time with my family, especially now that our children are adults.

Outside of work, I am very involved with my church, Holy Spirit Episcopal Church, and currently serve on the Investment Committee, as well as act as a board member of the Holy Spirit Episcopal School. I have a weekend hobby farm on 10 acres in La Grange, Texas, that I love working on. It’s nice spending time outdoors, whether it's cutting down and processing trees, tending to my small garden, or working with the two steers I keep on the property. Additionally, I perform regularly as Elvis for the elderly, typically for those suffering from Alzheimer’s or dementia.

...

Read Tony's full bio