As a business owner, you understand the importance of protecting your assets. No matter the size of your company, a strong insurance policy will help reduce possible financial vulnerabilities. But do you know if you are completely covered by your current policy? The best way to ensure your policy provides the protection you need is to schedule regular inspections with a trusted professional. Below, the experts from Williams & Case Insurance Agency will walk you through the importance of loss control inspections for your business.
What is an Insurance Inspection?
A commercial insurance inspection helps business owners and investors spot potential liabilities before they become serious problems. Additionally, these inspections might impact the terms and premiums associated with your policy. Commercial inspections are commonly performed by trained professionals employed by your insurance agency. These experts thoroughly assess your property and verify that it adheres to all local regulations and legal requirements. Overall, an inspection helps provide peace of mind to your business, customers, and insurance company.
Key Areas of Commercial Inspections
Your commercial insurance agency will send a professional to inspect a variety of things, including:
- Roof
- Electrical
- Plumbing
- HVAC
- Smoke detectors
- Carbon monoxide detectors
- Security systems
- Structure and foundation
- Environmental hazards (asbestos, lead paint, mold)
Benefits of Inspection Services for Businesses
As mentioned earlier, regular loss control inspections are beneficial to businesses for a few different reasons. Not only do inspections help you spot potential hazards, but they can impact your insurance policy in big ways. With so many different commercial insurance options, make sure you choose an agent who sees the importance of a business inspection before writing your policy!
Identify and Reduce Hazards
Business owners tend to have the best intentions, but many lack the eye for spotting potential hazards on their property. With the help of a trained professional, you can address risks before they cause a bigger problem. For example, a trained inspector might spot a small, unnoticed crack in the wall. Without proper care, that structural damage could cause issues while customers are on your property. Identifying and addressing those issues in a timely manner will prevent further damage and minimize risk.
Ensure Proper Coverage
Your business needs the perspective of a trained professional. When your commercial insurance business sends their inspector to your property, they can assess how much coverage you actually need. This ensures you’re not overpaying for unnecessary coverage while safeguarding against potential gaps in areas you might not have considered.
Lower Insurance Premiums
With the on-site perspective of business inspections provided by a commercial insurance agent, many insurance agencies are able to offer lower premiums to their customers. If they see that you have a well-maintained property, you are generally deemed less of a risk and offered a lower policy premium. Even if they find potential hazards, you may have time to address those issues before the policy is officially written.
Prevent Future Claims
As a property owner, you should do everything in your power to avoid potential lawsuits from your customers, employees, and other people who visit your business. An easy way to do that is to ensure they are not hurt or harmed in any way while on your property. Prevent the potential of any claims by taking your inspection’s findings seriously. Do not hesitate to address any issues found, no matter how small they may seem. You will be thankful for your hard work in the long run!
Contact Williams & Case Insurance Agency
Don’t let property risks get the best of your business. Protect your assets and your customers by working with property inspectors on a scheduled basis. At Williams & Case Insurance, we put you and the needs of your business first. Contact us today to learn about our inspection process and property insurance options.