An unsavory truth: Gaps in coverage cost more than you think. However, the right risk strategy, paired with the right partner, can save time, reduce claims, and drive long-term success.
Download ePremium® Insurance Agency’s risk mitigation e-book and start building a stronger and more resilient portfolio today:
Day-to-Day Diligence
Risk mitigation does not always require sweeping policy changes or expensive overhauls. Your every day diligence can also make a big impact.
At ePremium®, we know that protecting your properties starts with practical and proactive maintenance. Here are a few of the most effective, and often overlooked, ways that property managers can reduce risk right now:
- Stay on Top of Crime Prevention: Make safety visible. Ensure all outdoor and hallway lighting is functional, especially in high-crime areas. Partner with a local security provider where needed because prevention pays off!
- Don’t Let Freezing Temperatures Catch You Off Guard: Cold snaps can cause major damage. Create a checklist and ensure your team knows what to do when temperatures drop. Prevention and preparedness are your best defense.
- Maintain Roofs & HVAC Units: Routine inspections and timely repairs can prevent big problems. A neglected unit or unseen leak can quickly escalate into a costly insurance claim.
- Upgrade Outdated Building Materials: If your property still has aluminum wiring or polybutene piping, it is time to plan for upgrades. These materials can be considered high risk and may impact your insurance eligibility and premiums.
- Review Supplier Agreements: Risk mitigation does notstop at physical property. Audit your vendor contracts. You may uncover opportunities to renegotiate rates, reduce liability, or streamline services.
- Create a CAT Preparedness Plan: When disaster strikes, confusion is costly. Develop a clear catastrophe (CAT) plan and make sure every team member knows their role before an event ever occurs.
Want more tips on turning everyday operations into smarter risk strategies? Download our free e-book, Facing the Risks: A Property Manager’s Guide to Smarter Risk Mitigation.