COMMERCIAL PROPERTY INSURANCE
COMMERCIAL PROPERTY INSURANCE
How To Take Care Of Your Commercial Property
As a business owner, you have to know when to take a risk on security, safety, and insurance coverage on your property. There are some general recommendations that every business owner should follow to keep their commercial property secure. Some of these include;
Regular maintenance of the exterior and interior of your building
The exterior and interior of your commercial property should be checked for potential hazards and damages.
Ensure that the electrical system is always up to date.
Check your roof to make sure that it is completely free from leaks and that you have an adequate drainage in other to prevent any damage that may come from water, ice or snow accumulation.
Maintain appropriate security control
Make sure that the windows and doors of your commercial building have secure locks. There should be proper visitor sign-in, escort procedures, and badges at all times. Your check in and check out should apply to any independent contractor that may be invited for one reason or the other.
Train your staff to recognize any potential risk of theft of company property by visitors and fellow employees. There should also be a process for employees to report an incidence of vandalism and theft anonymously.
Follow all fire and safety prevention standards
It is important that you establish and enforce a no smoking rule. Make sure that all the smoke alarms, sprinklers, dioxide detectors, fire extinguishers and hoses are always functioning appropriately and are readily available in the event of a fire outbreak. Train all your employees to respond swiftly when a fire is smelled or seen. Provide emergency fire escape routes in more than one location.
Consider factors that may be beyond your control
You must develop a disaster recovery strategy that takes into account the continuity of all computer systems, the protection of all your vital information and a backup communication system for your employees and customers in case of an emergency. Having all this in place would reduce the level of casualties in the event of a disaster.
Take stock of commercial property
You have to be aware of what you own and be capable of verifying your property ownership as this information is critical when you have a need to report a loss and file a claim. Before a loss occurs, you should inspect and take a full inventory of your commercial property. You can use videos and photos to supplement written records. You should have files with purchase invoices, placed in a secure and fireproof location.
Review your property annually and discuss changes with your insurance agency.
Review your coverage limits yearly
Your insurance coverage limits have to be an amount that can sufficiently reconstruct your structure and replace any damaged item at current costs. If your policy includes a blanket coverage, then make sure that all of your commercial property is listed on the policy.
Running a business is a big deal. It requires time, effort and determination. Protecting your property should not be taken likely as a single act of negligence can make you lose all you've worked hard for.