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Commercial Property Risk Management

​The physical location where you conduct business can be critical to your organization’s success. When insuring your commercial property, there are many opportunities to identify and reduce risks as well as control the cost of insurance.

A Systematic ApproachTo manage risk, follow these steps:Identify and analyze potential loss exposuresExamine the feasibility of alternative risk management techniquesSelect the best risk management techniqueImplement the techniqueMonitor the program. Examples of Loss ExposuresWhile every industry is different, potential losses to consider include:Physical property, such as buildings, stock and equipmentValuable information that is critical to business operationsReductions in the value of your products or services after a loss Costs to repair or replace damaged property or equipmentThe impact a loss could have on your ability to conduct businessLoss of revenue in the event of a business interruptionExtra business-related expensesDirect and indirect lossesThe personal property of employees while on-site.General and industry-specific risk management activities can help to prevent losses associated with commercial property. Your insurance representative can be a helpful resource for appropriate risk management activities that your organization can undertake.