When you own or rent commercial real estate, you have several risks to take into account that could affect your liability. Every property is different, and therefore your risks will vary from one property to another. Here are several important factors to think about when protecting your ROI, preventing accidents and minimizing disruption to business operations.
Ownership
Liability is affected by ownership, and if there’s a complex ownership structure for a particular property, you will need to have the named insured properly identified to minimize liability exposure.
Common areas
Maintaining common areas isn’t merely for aesthetic purposes; it’s also an important part of minimizing your liability. Have a maintenance plan in place to keep up with the cleaning and repairs of your property to avoid having any losses due to injuries.
Smart tech
With the latest advances in technology—including smart technology—we are also now more exposed to risks of cyberattacks than ever. Some buildings that incorporate smart technology may be at more risk for data breach risks.
Subcontractors
If any subcontractors or outside service providers perform work on-site at your property, this could affect your liability. You will need to understand contractual risk transfer and properly assign risk so that you can minimize your own risk.
Hazardous materials
Be sure to identify any business operations that involve the handling of hazardous materials in industrial property and see to it that controls are in place to prevent or minimize the risk of property damage. Additionally, if there is any dust, mold, inadequate ventilation, or any other environmental hazard on your property, your portfolio may be at risk.
Take a close look at your real estate portfolio and all of the potential risks. In order to fully determine where you need coverage, it’s important to speak with an insurance specialist who can identify any gaps in insurance.
At Swarts, Manning & Associates, we provide a unique perspective on all of your commercial coverage options, and we help to determine which carrier best fits your business needs. We strive to find you the broadest coverage at the best available rate. Give us a call to get started: (833) 878-2820.
Each week, Swarts, Manning & Associates covers relevant topics for your business. Stay tuned to hear more discussions about managing your insurance and industry-specific tips.
