There are many areas of risk management property owners & managers should take into consideration when trying to create a safe environment for their residents and control one of their top five costs of doing business insurance. While therell always be uncontrollable risks, such as weather, there are some common ones that property owners & managers can control as part of creating a safe and cost effective environment. Some of the common controls are:
- Implementing safety programs
Additionally, property owners often lack a formal risk transfer process, which is the act of transferring risk from one party to another. The purpose of this action is to take a specific risk, which is detailed in the insurance contract, and pass it from one party who does not wish to have this risk (the insured) to a party whos willing to take on the risk for a fee, or premium (the insurer). This is essential when working with third party entities such as contractors, suppliers, vendors and tenants.
Property managers who enroll in risk transfer services can pride themselves on offering yet one more service to their owner/operator clients. If a best in class safety and liability program is important to you and your business, then make sure the risk transfer process is perfected and maintained. At Assurance, we provide various tools and mechanisms, including certificate tracking, to help control the time-consuming process of risk transfer.