Commercial property is a significant investment and owners need to take steps to protect it.

Here are some actions Landlords can take to reduce risk in their properties.

Commercial tenant activities

Tenant activities will have a significant bearing on how insurers consider your risk level. What are they doing, what are the risks and how well are they managing them? For example, kitchen fires continue to be one of the most common causes of loss in commercial property so where tenants operate such facilities it is important to ensure:

  • equipment is correctly installed and maintained
  • suitable extraction equipment is installed and robust cleaning regimes are applied
  • high standards of staff training are in place

Insurers will typically apply policy conditions to the policy when commercial kitchens are present to help ensure appropriate controls are maintained. It is important to understand and comply with these conditions.

Business continuity

Taking steps to minimise the potential losses caused by risks can ensure that you and your tenants are minimally impacted by any incidents.

Legislation changes

Commercial property owners have a range of legal obligations and it’s important to keep abreast of changing legislation to ensure ongoing compliance. For example, the 18th Edition IET Wiring Regulations came into effect on 1 January 2019. These regulations apply to the design, erection and verification of electrical installations; and additions and alterations to existing installations.

The opportunities of new technologies

complex building energy management systems, for example can present new risks.

New technology can also bring benefits, with one of the most obvious recent developments being drone technology. The traditional way to inspect a roof would be to put a person on the roof. This might entail erecting a scaffold and suitable edge protection or use of other access equipment. Now it is possible to fly a drone over with high-resolution cameras. This is quicker, cheaper and safer, though not of course without some level of risk and therefore needs to be completed in compliance with appropriate regulations and with suitably qualified pilots.

At GPS Insurance Brokers, helping you get the right commercial property insurance is one of our specialisms.

Contact GPS Insurance Brokers for specialist insurance advice on 020 3907 7866