Owning and managing commercial real estate in today’s ever-evolving market can include risks that are as unique as each property. Recognizing and staying ahead of these barriers can safeguard your ROI, prevent accidents and minimize disruption to your operations.
1. Know Your Tenants And Their Business
Identifying operations involving the use of hazardous chemicals in an industrial property and confirming that controls are in place can help reduce the risk of property damage.
2. Ownership Structure Matters
Liability exposures stemming from complex ownership structures can be minimized by correctly identifying the named insured.
3. Smart and Green Buildings
Smart and/or green buildings can benefit the environment and the owner, with the potential for greater efficiencies and energy savings. But tech ecosystems can also open the door to data breach risks, and going green can present new complexities.
4. Maintaining Common Areas
Regular maintenance of your common areas can be key to avoiding potential losses due to injuries. Following a checklist and keeping a written record of repairs can also help you properly address safety issues.
5. Understand Contractual Risk Transfer
Properly assigning risk to subcontractors and other service providers can reduce your financial risk.
6. Steering Clear Of A Hazardous Environment
Combustible dust, mold, inadequate ventilation and other environmental hazards can expose your portfolio to elevated risk.
Source Article: travelers.com
Do you have the coverage you need?
To protect your property, talk to an experienced insurance broker today. The team at Odell Studner can help you find the coverage you need to guard against losses. Connect with our team today to learn more!