risk management: tip of the week

Responding to a Loss Control Inspection

If your insurance company schedules a loss control underwriting inspection of your self-storage property and operations, it is important to understand how to respond to any recommendations made as a result of the inspection.

If you receive recommendations outlining corrective measures that should be addressed as a result of the inspection, consult with your insurance agent and respond promptly in writing to the insurance company with a copy provided to your agent. Acknowledge each recommendation and briefly explain how you will comply with timelines for targeted completion. If a recommendation seems impractical, you may challenge it as long as you do so immediately. Whatever you do, do not delay. If critical recommendations are not addressed, the insurance company could take the position to cancel the policy within a regulatory time period.

Keep in mind that having a loss control professional identify potential risks and exposures before a loss occurs is a valuable benefit for your business. Ideally, the process will help you minimize risk, continue operations without disruption, and reduce the risk of costly claims and lawsuits. Your independent insurance agent is an excellent resource to help guide you through the process to reach a positive outcome for your self-storage operation.

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Make it a safe day!

Mike Schofield
President & CEO