Commercial property owners know that insurance is worth it, despite its cost. However, there are ways to keep insurance costs low, depending on business type and possible discounts. To manage this in a savvy way, here are a few ways to minimize the potential for losses:
- Hire and train quality employees: Employee theft is a leading cause of loss for most retailers. Dead bolts and alarms won’t stop it, but screening potential employees thoroughly may help minimize losses. Also, train your employees and ensure they have appropriate safety gear and a healthy, safe work environment.
- Thoroughly inspect grounds and buildings daily, and identify and correct new hazards immediately. Insurers may deny claims if they believe losses occurred because of unaddressed, ongoing hazards. Always be on the look out for possible hazards such as leaky pipes and unsecured hazardous materials, as well as compromised security measures such as broken locks, and anything that poses a risk of injury to employees or customers.
- Add security features. Monitored alarm systems with video are preferable, but adding any security measures to reduce or avoid theft usually results in an insurance discount. Install dead bolts at every entrance and on additional buildings or storage. Attach tracking or alarm tags to easily stolen or high-value items, and consider keeping them in locked, break-resistant display cases.
For more loss-prevention ideas and discounts, contact your insurance agent to help you minimize your risks and your insurance premiums.