Loss Control / Risk Management
Loss control is a necessary component of a complete business plan and the most effective way to keep your insurance premiums down. Risk assessment, planning and prevention benefit you and your business and will help foster long term profitability.
Remember a "safety-first" attitude is good for everyone, from business owners, property owners to tenants and especially employees.
Common Areas of Loss Control
Here are some common loss control issues and
some recommendations / solutions on how to address these issues.
Electrical panels should be updated to circuit breakers and replaced if older than 30 years. Some panel brands are now no longer UL Listed and considered a fire hazard. Such as Zinco, Stab-Lob and Federal Pacific.
Hand Railings and Balcony Railings
All hand railings and balcony railings should be have less than a 5 inch gap in order to prevent a child from falling through or getting stuck in between railings. The most common fix is welding a heavy duty metal mesh to the railings.
Fire Extinguisher Servicing and Sprinkler Testing
Fire extinguishers and sprinkler systems should be inspected and tested annually to insure the systems will work in the event of a fire.
Concrete and Asphalt Repairs
One of the most common liability lawsuits we see are trip and fall injuries. All walkways and parking lots should not have any cracks or potholes that may cause a person to trip and get injured.
All trees should be trimmed back away from the roof lines to prevent damage from wind. And if you are in a brush area (or even close to a brush are) trees should be trimmed or removed to prevent a wildfire spreading to your property.
Window Bars / Quick Release
Window bars should be removed or have a quick release mechanism from the inside of the unit. In the event of a fire tenants need to be able to exit the unit and not get trapped.
Window A/C Unit Bracing
All window A/C units must be braced properly to insure the unit does not fall out of the window and potentially cause injury.
This is not an all-inclusive list and a proper loss control plan should be implemented based on different attributes to your property or business. A proper risk management process should be constantly changing and evolving in order to adapt to newly emerging risks.