Are you thinking of relocating your growing business to a new location? Maybe you want to be in a larger space, closer to your target market, or are tired of constant rent hikes and unfavorable lease terms.

If you're ready to move to a better property and help your business thrive, there are some important factors to consider before taking the leap and relocating. In today's blog post, discover what all you should research about a potential new property, and how a relocation can impact your Commercial Insurance policies such as Commercial Property, General Liability, and Flood Insurance.

In addition, discover how Aegis Insurance & Financial Services can partner with you to make sure you find a safe and strategically located spot.

Is It Time to Relocate?

Relocation may be on your mind if your business is constantly dealing with these issues or facing these concerns:

• Outgrowing your current space
• Rising rent prices
• Outdated facilities
• No room for expansion
• Strict lease rules
• Lack of parking
• Increased crime rates
• Abundance of market competition
• Too far from target demographics
• Road construction or traffic issues
• Poor business visibility

Any of these factors can make it more tempting to find a new commercial location with better visibility, larger spaces, favorable lease terms, and other perks that can strengthen your business. But before you sign a new lease elsewhere or purchase a commercial building, doing your research is a key first step.

Meet the Neighbors

Before making a final decision, get to know the businesses near your potential new spot. Are the neighboring tenants happy with the property management, and do they feel supported and safe?

By learning what they love about their current location and what makes them stay in that shopping center or commercial site, you gain valuable insights about whether it's a good fit for your business.

How Safe Is It?

Evaluate how safe the new neighborhood is by reviewing crime rates in the area and among local businesses. Are they experiencing frequent robberies, car break-ins, or overnight vandalism at their commercial property?

Low crime rates mean a better environment for your business, employees, and customers. When people feel safe working in or visiting your business, then you have a better chance to thrive and grow in your new location.

Taxes, Taxes, Taxes

Every business is subject to taxes, but your potential property and sales tax rates can vary depending on the city or county you're based in. A key part of your initial research should be learning how much you'll pay in property taxes at your new place if you plan to buy, and what the sales tax will be in your new location.

Navigating Local Rules

You can find the perfect location for your new business, only to discover that zoning laws, permitting, and city ordinances may significantly hamper the look and operation of your business. You might be restricted on your company's exterior signage, colors, lights, hours of operation, or proximity to neighboring businesses or schools.

Before signing any lease or purchase agreements, make sure the commercial property you have in mind doesn't have zoning restrictions that could impact how you run your business or promote it to people passing by.

Finding the Perfect Spot

Does the region you're interested in have affordable commercial real estate available? Review current property values and rent prices across the region to make sure you're getting the best possible price. Otherwise, you could end up overpaying for a commercial lease, or miss out on a great deal if an eager property owner is looking to quickly sell a great building.

Who Is Your Competition?

Researching a new area to set up shop should also include learning what market competition is in the neighborhood. Whether you own a casual burger shop, clothing boutique, or auto-repair business, it's important to know who you're competing against so you can make sure your company stands out in the crowd.

How Moving Affects Your Insurance

Moving to a new commercial property will likely mean changes in your Business Insurance needs since a different location poses different risks. You might be in a larger commercial space, or you might be in an area with cheaper rent but higher risks for flooding.

Any changes to a business location means evaluating the new risks you may be facing, and looking at how newer and safer facilities can lessen your risks. You need Business Insurance that offers reliable financial protection to give you the peace of mind needed to focus on establishing your roots in your new business location.

Aegis Insurance & Financial Services: Your Insurance Sidekick

Are you unsure how your Business Insurance will change in a new spot? Aegis Insurance & Financial Services is here to help. Contact us at 713-850-7622 to speak with our Commercial Insurance team about your coverage needs and how to have a custom plan that meets your goals.