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Minimize Risk With A Property Loss Prevention Plan


To limit risk and keep your business safe, it’s important to take precautionary measures.  One such measure is a Property Loss Prevention Plan. Commercial property insurance can help repair your business after a disaster but having a plan in place before disaster strikes can help reduce your chances for damage. Follow these tips to get started:

Define roles

It’s important to define roles employees, contractors and visitors play in protecting your property and scheduling the regular inspection and maintenance of key equipment. Once these roles are established, schedule regular inspections and maintenance of your equipment so everyone is on board. It’s also a good idea to establish someone to check up on these regular tasks to ensure they are completed.

Evaluate risks and prioritize equipment

In order to make a plan you must first establish what needs protecting. Routine Inspection, testing and maintenance of critical processes, including heating, ventilation and air conditioning (HVAC) equipment is important for safe and uninterrupted operations. Conducting regular and formal inspection, testing and maintenance should be a foundational part of your operating culture.

Ongoing activities should include, but not be limited to, periodic:

  • Preventive maintenance of production machinery.
  • Inspection and testing of business critical equipment, including HVAC systems.
  • Inspection and maintenance of electrical equipment.
  • Inspection, testing of fire safety systems.

Test your plan

Once you set the right property loss prevention plan in place it’s important to test it. Testing your plan can help you determine what changes need to be made to improve it so you’re better able to react to disasters when they do strike.

Communicate effectively

When it comes to protecting your company’s property it’s just as important to ensure the plan is properly communicated as it is to develop the plan. What good does a well thought out plan do if no one is aware of it? Or worse yet, if people are following old and outdated procedures. Make sure the plan is CLEARLY communicated to all appropriate parties when it is established and in the event it is updated.

Schedule a plan check up

Establishing and testing your Property Loss Prevention Plan isn’t all it takes to keep risks minimal. It’s also important to ensure your plan is always up to date. Business are constantly growing. You may have added new machinery or computers that need to be maintained. Perhaps you’ve made some staffing changes. Keep your plan up to date so routine maintenance isn’t missed and everyone knows their role.

For more on protecting your business check out these other headlines from SIA Group

Business Continuity: A Plan for Recovery
How Businesses Can Prepare for and Survive Disasters
How to Establish a Workplace Emergency Action Plan

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