When considering property insurance risk, there are two factors to examine:
- What specific risks does a particular property possess?
- What can be done to manage and minimize these risks?
The risks that a particular property possesses should be brought to the forefront with the help of a thorough property inspection such as is available through Insurance Risk Services. Whether you require a commercial or a residential inspection, you have several options for either.
Commercial Inspections
While the risks and potential liabilities are somewhat different between residences and commercial operations, there is a definite overlap in how the two types of inspections are conducted. The big difference is in the processes being conducted in a commercial operation, the nature of the equipment or machinery being utilized and whether or not clients or customers frequent the property.
Whenever people are coming in and out of a business, whether employees or customers, there’s always the heightened risk of liability and your inspection team should have an eye open for any potential liability risks, both inside and out. Anything found should be noted and passed on by you, the insurer, to the insured for mitigation by their risk management people.
Commercial Property Insurance Risk
As an insurer, there are many different types of insurance risk you have to deal with while looking at insuring any business. Some of these include:
- Premises liability risk exposures from events such as someone suffering a slip and fall or other accidental injury
- Third-party property damage risks for those leasing their property
- Potential personal injury claims coming from employees
- Advertising injury risks
- Product liability risks from property damage or bodily injury against businesses involved in the manufacture, sales or distribution of products or goods
In addition to the insurance type that most businesses carry, General Liability Coverage, which covers many basic insurance risks, other types of risks that may require specialized coverage include:
- Professional liability insurance
- Employment practices insurance
- Cyber liability insurance
- Business interruption insurance
- Automobile insurance
- Directors’ and officers’ liability insurance
- and more
Helping your insurance clients manage their insurance risks as much as possible should help you pay out less in claims and could help them lower their insurance costs. A comprehensive property inspection from Insurance Risk Services is a great place to start to identify these risks. Contact Insurance Risk Services to explore the possibilities of improving your underwriting activities through utilizing our field services.
