6 Ways To Protect Your Business From Property Damage

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Peace of Mind Technologies

You’ve worked hard to build a company that thrives and shares your vision with the world through your products or services. But unfortunately, your day-to-day responsibilities can sometimes distract you from the liabilities that threaten this success.

One of these threats is damage to your commercial property. Regardless if you rent or own the facilities you conduct business in, events can interrupt your operations and cost you millions in lost revenue. While your business insurance will likely provide the coverage you need to rebuild, there are steps you can take to protect against property damage and the impact it will have on your company.

Regularly Inspect Your Property

An ounce of prevention is worth a pound of cure has always been the best approach to prevent avoidable damage to your commercial real estate and assets. ​Regular inspections of crucial features on your property can reveal potential issues before they become major repair events. Even if you don’t own the building you operate in, make arrangements with the management company to evaluate essential features of your building, including:

  • Appliances
  • Plumbing
  • HVAC
  • Leaks
  • Cracks in walls and/or foundation
  • Smoke Alarms

Address Leaks Immediately

Businesses suffer thousands of dollars every year in water damage. You may be imagining this is due to surprise burst pipe situations, but slow leaks that were ignored or treated as minor inconveniences are just as bad. If you find evidence of water damage, hire a professional to come in and determine the source and severity of the issue. You may be surprised to see mold growth that needs remediation, floor surfaces that have warped, and other hidden problems you didn’t notice.

 

Protect Against Mother Nature’s Fury

One aspect of property damage prevention that is out of your control is the severity of a weather event. However, you can take steps to minimize the impact on your property and get you up and running sooner.

First and foremost, ensure your windows are adequately protected when you know a severe storm is on the way. Consider investing in specially designed storm shutters that will do more than protect against flying debris. Plywood is an option, but a long-term solution that repels water, mildew, and moisture is vital if you live in regions with a history of hurricanes, blizzards, and similar weather.

You should also assess the exterior of your property for potential damage threats. For example, falling trees and branches are a common threat to residential and commercial property. Scheduled trimmings can help avoid strong winds from breaking heavy limbs, which can damage vehicles, fencing, siding, and more. Also, consider anchoring outdoor furniture and other items that could get blown around or hidden by heavy snow.

Invest in Climate Control

It’s not just wind and rain that can cause property damage. Heat and humidity in the summer months can lead to several issues for your commercial building. Besides hurting the air quality you breathe, mold can grow from the added moisture in the atmosphere. In addition, uncontrolled heat in your facility can lead to the warping of floors and seals around your windows.

To avoid costly repairs to remedy these issues, consider taking the following steps to control how climate affects your facility:

  • Keep your workspaces dry. This includes mopping up spills quickly since it only takes a matter of days for mold to grow.
  • Keep humidity low by using an air conditioning system or humidifier to maintain a comfortably dry environment.
  • Help air flow more freely by maintaining a small clearance between your furniture and the walls in your building.
  • Install exhaust fans in spaces where water and/or moisture is generated.
  • When the weather is favorable, allow air to flow through your facility now and then by opening doors and windows.

Secure Your Commercial Property

It’s not only mother nature that could compromise the integrity of your building. Vandalism and theft are serious issues for many business owners. Replacing broken windows and doors after someone breaks in is expensive. Arsonists that cause fire damage that destroys all or part of your building can disrupt your operations for weeks while repairs are made.

Security cameras and guards are always a significant investment, but if this isn’t in your budget, installing bright lighting around the perimeter of your property is an effective deterrent. In addition, invest in models with motion-sensing features and timers to ensure they function after hours when you need them most.

Install heavy-duty doors with deadbolts and solid-core construction to add additional security to prevent would-be thieves from stealing your product or customer information.

Carry Comprehensive Commercial Property Insurance

Finally, regularly check your property insurance policy to ensure adequate protection. As you add new features to different areas in your building, like new appliances in the break room or rolling tool boxes in a workshop, you may need to increase your coverage. Plus, repair costs are always on the rise, so ensuring your insurance will be able to cover these expenses is vital.

If you haven’t already purchased a policy because you are worried about business property insurance costs, remember this is a small price to pay versus that of uninsured damages. Plus, many insurers offer a business owners policy (BOP) that bundles several coverage options into a single package that is more affordable and covers the basic perils you worry about:

  • General liability
  • Commercial property
  • Business interruption

So, don’t let the thought of an insurance premium put you off from adequately protecting your business property. The reality is that without it, it only takes one major event, like a fire, to put you out of business potentially.