Finding the right space for your business requires the close consideration of several factors—including neighborhood, traffic, safety, and compliance concerns. When evaluating 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, here are five things you can do to help manage your risks upfront.
- Secure your space
Use deadbolts, shatter-proof glass, an alarm system, and security cameras to make sure you’re 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 includes safety routes, extinguishers, and battery-powered backup lighting to illuminate exits.
- Update your infrastructure
Double-check and update aging electrical systems, structural issues, insufficient drainage, and any other structural problems that could lead to a loss.
- Consider the setbacks
Significant risk factors—like fire, for example—can generate losses and costs far beyond structural repair. Taking extra security measures and making updates in advance can pay off in the long run by mitigating risks.
- Talk to your insurance provider
Taking steps to protect your space from potential hazards sends a signal to your insurance provider that you’re taking concerns seriously—which may translate into lower premiums.
Reducing the risk of theft, damage, and accidents will save your business time, money, and trouble in the long run.
Reducing the risk of theft, damage, and accidents can save your business time, money, and trouble in the long run. Connect with an independent insurance agent today to learn more about your options.
This website is general in nature, and is provided as a courtesy to you. Information is accurate to the best of Liberty Mutual’s knowledge, but companies and individuals should not rely on it to prevent and mitigate all risks as as an explanation of coverage or benefits under an insurance policy. Consult your professional advisor regarding your particular facts and circumstance. By citing external authorities or linking to other websites, Liberty Mutual is not endorsing them.