risk management: tip of the week

Focus on Security and Crime Prevention

Although a key characteristic of the self-storage industry is limited foot traffic, the industry has not been immune to the exposure associated with the coronavirus pandemic. In response to the COVID-19 risk, self-storage owners have been required to place greater emphasis on the importance of maintaining a safe environment for customers and employees in terms of sanitation and social distancing. This heightened level of protection is an enhancement to the existing risk management program and complements existing initiatives to protect people and property by maintaining facility security.

Creating and maintaining a comprehensive security plan for your property can result in a number of benefits for your operation. Perhaps the most obvious benefit is the potential to reduce criminal activity at the facility, but maintaining a secure facility also provides benefits that make good business sense.

Security features are a key factor in enhancing customers’ perception of your facility, and earning a reputation within the local community as a business that makes security a priority is a positive in terms of keeping existing customers, attracting new ones, and encouraging referrals. Maintaining lights, gates, fences, and doors in optimal condition helps to reduce the risk of bodily injury from slip-and-fall events, pinched fingers, and other hazards as well as property damage from malfunctioning equipment. Minimizing these risks, in turn, reduces the potential for resulting claims and lawsuits. Finally, enhanced security practices may make your operation a better risk in the eyes of an insurance underwriter and could result in credits that could lower your overall insurance premium costs.

Next week, we will review the elements of a security and crime prevention plan.

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Make it a safe day!

Mike Schofield
President & CEO