Do you know which risks are most prevalent in the area where you own property? Which losses are the most likely to occur and which will cost the most? By assessing your business property’s specific risks and working to mitigate them in advance, you can reduce the chances of a loss. Here are a few ways to take care of some of your most common risks:
- Keep branches well-trimmed.
New England storms can be severe in both the summer and the winter. Keep trees trimmed to avoid branches falling and damaging property or hurting individuals.
- Perform regular inspections of all structures, plumbing and wiring.
There are often warning signs before damage to plumbing or wiring causes a fire or flood. Make regular inspections of the building a requirement. Have a plan in place for repairs when needed, including the contact information for trusted electricians and plumbers.
- Remove branches, ice and other debris from sidewalks.
Trip and fall accidents can cause legal issues and increases in the cost of your business liability insurance. If someone is injured on your property, you could be found liable. Make sure that the grounds are cleaned regularly to avoid any hazards that can cause an injury.
- Lay out plans for dissolving partnerships.
If a partner wants to sell, is there a contract specifying how the sale will be handled? By setting up rules in advance, such as payment over a period of years, you can avoid forced sale of your property.
- Be prepared for fires.
Faulty wiring, accidents in kitchens, indoor smoking and unapproved heaters can all cause fire risks in buildings on your properties. Talk to local experts to find out what fire prevention systems are appropriate for your building. Depending on the building uses, they may recommend fire extinguishers, sprinklers or other fire suppression tools. While the upfront cost can be intimidating, having proper fire protection in place can significantly reduce the chances of damage to your buildings or injuries to inhabitants.
There is no way to anticipate every risk. But, by looking at the ones that are most common in your area and doing what you can to reduce your exposure, you can keep your insurance costs in check and cut your chances of an expensive and time-consuming property loss.
