While you are on the hunt for a new space for your business, finding the right space requires the close consideration of several factors, like neighborhood, traffic, safety and compliance concerns. When you are going over your options, keep in mind that certain qualities of a particular space may increase your risk and impact your insurance costs.
While everything may not be within your control, we came up with five things you can do to help manage and reduce your risks upfront.
- Secure Your Space – using deadbolts, shatter-proof glass, alarm systems and security cameras to make sure you are as protected as possible.
- Guard Against Fire – in addition to up-to-date smoke detectors and sprinkler systems, you should also develop a fire-response plan that should include safety routes, fire extinguishers and battery-powered backup lighting to illuminate exits.
- Update The Infrastructure – double check and update any aging electrical systems, structural issues, insufficient drainage and any other structural problems that could lead to a loss.
- Consider Any Setbacks – significant risk factors – like a fire – can generate losses and costs far beyond structural repair. Taking the extra security measures and making the needed updates in advance can pay off in the long run by mitigating risks.
- Talk To Your Insurance Professional – taking the steps to protect your space from potential hazards sends a signal to your insurance professional that you are taking concerns seriously; which may relate to lower premium costs.
Reducing the risk of theft, damage and accidents can save your business time, money and trouble in the long run.
Connect with R.C. Keller & Company today to learn more about your options. We have been helping the business owners of Chicagoland, with their general liability, commercial auto, and workers compensation insurance policies, since 1910.