When times get tough, it can be tempting to try to save money by cutting back on your insurance expenses. However, adequate insurance coverage is critical to success and longevity as a business owner.
When times get tough, it can be tempting to try to save money by cutting back on your insurance expenses. However, adequate insurance coverage is critical to success and longevity as a business owner. Foregoing insurance or reducing your coverage could leave you unprotected if disaster were to strike. With costs rising on construction supplies, labor, commercial real estate and more, it's more important than ever that you have the right amount of insurance coverage.
Just as Keller-Brown Insurance recommends homeowners take advantage of no-cost home insurance inspections, we also advise commercial building owners to have regular inspections. Whereas Keller-Brown Insurance conducts inspections for homeowners, we typically encourage business owners to enlist insurance company loss control personnel because commercial property values are often higher and more complex than homes. Plus, insurance company loss control representatives are trained to look for important factors that may pose risks to workers compensation insurance and OSHA safety regulations.
If you're reluctant to have your building inspected out of fears your costs could go up (it's possible, but not guaranteed), this blog will demonstrate why now is a good time to review your commercial building insurance coverage.
1. Identify and reduce hazards on your property.
When loss control representatives inspect your property, they look out for hazards that could result in damage to your property or cause an injury to someone. This attention benefits both you and the insurance company. Some of the key areas they'll examine include:
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The structural integrity of your property
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The safety of HVAC and electrical systems as well as appliances
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Water damage and potential for leaks/flooding
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Safety of the grounds for visitors
This knowledge gives you the opportunity to treat any problems on your property before they become bigger, more expensive issues. Because inspectors are trained to look for a wide variety of risk factors, they're likely to identify problems that may look normal to untrained eyes.
2. Protect your customers and employees from danger.
As a business owner, one of your primary responsibilities is keeping customers and employees safe on your property. Having an inspection of your property not only allows you to keep the place where you do business in great shape for years to come, but also helps to address issues that could be hazardous to employees and customers. The result for you is a reduced risk of workers compensation claims, and injuries and/or lawsuits from customers.
3. Maintain your trusted reputation in the community.
Injuries on your property can result in more than just expensive lawsuits-which on their own could jeopardize the health of your business. When employees or customers are put in danger on your property, your reputation is likely to take a hit as well. And customers may think twice about spending money at your business. Investing in the safety of your property protects those who visit your business as well as the reputation you've worked hard to build.
4. Ensure workplace safety and secure best workers compensation coverage.
Your commercial property insurance is just one of many policies likely to be impacted by potential hazards present at your place of business. Inspections also help to ensure you are providing a safe workplace for your employees.
Risk control representatives from insurance companies are committed to helping employers identify and eliminate occupational hazards in order to prevent workplace accidents. Insurance premiums and other costs associated with workplace injuries can be a major budget concern for employers. One way to control these costs is an employee safety program.
5. There is no cost to you for the inspection.
Having an inspection performed for your business is free of charge, and it can give you something priceless-peace of mind that what you've worked hard to build will be protected if a disaster occurs. Although you may find you need to invest in some repairs, upgrades, or a stronger insurance policy, the investments are a sturdy foundation for your business to stand on.
When a business has an insurance claim, everything is impacted-employees, their reputation and ultimately the business owner's livelihood. Having a no cost inspection to update your insurance can protect all the hard work you've invested in your business. Contact us to review your commercial property insurance.