Commercial Real Estate (CRE) Property Liability Protection

When building managers think about risk management, it often relates to public safety issues, such as evacuating occupants during an emergency. While it is important to plan for these events, there are many other instances where understanding threats can improve operations.

Risk assessment in commercial buildings deals with a large number of elements. One of the most important is public safety and security. Corporate tenants need to trust that their employees and visitors are protected from potential threats, which makes communication essential to successfully managing risk in this area. Building managers need to ensure seamless conversations between tenants and security personnel to resolve ambiguity that could lead to conflict and frustration.

Communication is also a vital part of managing risks associated with construction work. As crews conduct their jobs throughout buildings, they may create new dangers for visitors and occupants. Having a reliable way to share updates on renovations and other tasks can keep everyone safe.

Of course, risk management plans should not focus solely on tenants. Maintenance workers and contractors need to be protected as well. This may include sharing information that could directly affect how repairs are conducted. Older buildings may contain hazardous building materials such as asbestos that require construction crews to take extra precautions.

While risk management often deals with minimizing public safety issues, it can also provide a focus for improving maintenance crew efficiency. By empowering employees to take the time and necessary precautions to protect themselves and others, building managers can reduce accidents. In some cases, it may be worth a small inconvenience of a closed hallway, stairwell or elevator so that employees can focus on resolving situations quickly. Fewer reported incidents can lower insurance costs and will generally improve staff member and tenant satisfaction.

So what is your business doing to reduce risk?

The most effective risk management programs capture, track and report on all risk information, including visitor access records, certificates of insurance, incident reports and resolution, fire and life safety programs, standards of operation and all supporting documentation.

Here at Building Engines, we live by the following four rules for successful risk management:

Business management today is risk management, so make sure you’re doing everything you can for your property to reduce its risk exposure.