Risk management identifies and minimizes potential financial and legal liabilities for a property. Our experience in commercial property management has taught us the value of offering risk management for our client properties. Even the most successful commercial property can be at risk from unexpected events, and we know the ways to mitigate those risks. These can include contractual obligations, personal injury suits, simple trip and fall hazards, and large environmental hazards that lead to legal liability.
Everyone has their own tolerance for risk, and it takes experience to manage risk appropriately. Not every property is exposed to the same risks, and we can ascertain which risks may be most relevant for your property and then help you decide how to manage the situation. Almost all risk management tactics involve some cost, therefore there must be an assessment of where to allocate resources to the most serious and imminent risk of liability.
Properly managing risk can significantly decrease potential liabilities. Once you know your risk exposure, you can act to minimize the potential for financial or legal consequences. This can take the form of supplemental insurance policies, tenant and owner disclosures, property improvement or repair, and in some cases obtaining liability insurance to cover unforeseen events (e.g., natural disasters). You can’t predict every potential source of liability, but it is possible to minimize the obvious and known risks on your property.
We take a comprehensive approach to managing our clients’ risk profiles, covering everything from trips and falls to insurance policies. We help you continually monitor the possible risks and will review those periodically to make sure that you are not unnecessarily exposed to liability. Because of our experience in commercial property management, we know what to look for and how to manage the risk for you. We use our knowledge of insurance methods, potential legal claims, and physical property hazards to help you eliminate a wide range of potential risks for your specific property.
We take the hassle and confusion out of managing a client’s risk! It is not easy to approach risk management on your own, due to the many types of risks and multiple strategies to minimize liability. It may be necessary to consult with insurers, contractors, and attorneys all of which can be a daunting task. In addition, the right questions must be asked of them. As your property management company, we have the resources in place to fill this role, and can help simplify the process of risk management for you.
Please contact us at (888) 611-5598 to discuss your property and the potential risks and liabilities that may be present.