The necessary insurance coverage for a commercial building can be a large expense. Among the factors that affect the cost of a commercial insurance premium are liability. In the event that your building has an increase in claims, insurance premiums typically increase as well. Fortunately, there are steps that can be taken to decrease your building’s liability while simultaneously reducing insurance premiums.
- Make certain contractors are insured. From time to time, you may need to have maintenance work performed on your building. Always make a point to ensure that any contractor who is performing work on your property is properly insured. All contractors should have worker’s compensation, liability insurance, auto insurance, and umbrella insurance.
It’s also important to have an indemnification agreement. Don’t simply accept a contractor’s word for it; ask to see proof of insurance coverage. If a contractor isn’t willing or able to provide such proof of insurance, continue searching until you find a contractor who is able to comply.
- Institute a fire safety program. Fires can happen for a number of reasons in any type of commercial building. Make sure that all occupants and workers in your building are cognizant of the fire safety program and understand how to properly exit the building in the event of a fire. A fire safety program should include clearly marked diagrams.
- Designated first-aid staff. Regardless of the type of business that you operate, there is always the risk that an occupant, worker, or customer could experience an accident or health emergency while on your premises. Make sure you are prepared by having designated first-aid staff and developing procedures for responding to health emergencies or accidents if they should occur.
- Be prepared for potential incidents. While we hope that your building will never be the site of a violent incident, you need to be prepared. Make certain that your staff is trained regarding how to spot and appropriately respond to suspicious behavior. Furthermore, staff should understand the steps that they need to take in the event that a violent incident does occur, including having a shelter plan in place.
- Prepare for winter weather. In many parts of the country, winter can bring an entirely new level of potential liability concerns. Be proactive by placing beveled-edge mats in areas where snow and water tend to accumulate in order to provide additional traction and assist in preventing slips. Mats should be changed if they become wet. You may also find it helpful to treat floors that tend to become slick with a slip-resistant material.
Read here 8 tips on keeping your building safe in the cold winter weather
By taking steps to reduce your building’s liability, you can make your property more attractive to insurance underwriters and less likely to be the subject of numerous claims. Evergreen Insurance & Risk Management makes a number of insurance products available to property owners in all industries. Contact one of our representatives today to learn more about our available insurance products.