Premiums for commercial property owners could fall as a result of new fire legislation, which comes into effect on 1 October.
The National Risk Assessment Register (NRAR) has been set up in anticipation of major changes to fire regulation through the Regulatory Reform (Fire Safety) Order.
The NRAR allows fire risk assessments to be stored, updated and audited to ensure companies comply with legislation.
The free web-based service site will also allow auditors to access and monitor fire risk assessments from organisations and sites that they have control over.
Peter Staddon, head of technical services at Biba, said it could increase competition in the commercial market.
He said: "If companies can put good fire management procedures in place then they can go back to the insurer and say, this is where we were last year and this is where we are now.
"Most insurers will have the capabilities built in to then offer a discount. It will sort the wheat from the chaff."
Chris Pearce from fire regulation consultant Fireco, said: "The insurance sector has a key role to play as there is little known about the changes in legislation."
He added that the NRAR would help improve awareness and provide the services needed to address the changes, particularly for SMEs.
