By Jude Insurance compliance isn’t the most exciting part of running a business but it’s one of the most important. Being properly insured in your business and meeting insurance policy requirements protects you from claims but it also protects you from legal trouble and emergencies. The challenge that you have is that most businesses assume they’re compliant, but those same businesses are not checking what’s true or not!
Early in the process of reviewing your property and safety standards, you could consult vendors to help. External companies well versed in inspecting commercial property can ensure that your business meets basic safety and accessibility requirements. Railing companies are especially important in this process, as you need to ensure safety as much as anything else. Insurance compliance goes way deeper than any other single upgrade, so let’s talk about how you can tell whether your business is truly compliant or not.
Understand what your policy truly requires
Insurance policies often include specific conditions. It’s not just about coverage amounts here, but maintenance standards and safety features need to be factored in. This can involve maintenance standards and regular inspections along with safety features. If these requirements aren’t met, a claim could be reduced or denied entirely. Take the time to read the policies or review them with your provider, so that there’s no surprises coming your way.
Keep the property up to standard.
Insurers expect your building to be safe and well maintained, from the entrances to the walkways, parking areas and common spaces, too. When surfaces are cracked or the lighting is poor, you’re immediately not going to be as up to standard as you think you are. Regular maintenance isn’t just good practice here, but it’s a requirement.
Follow safety guidelines.
Plenty of insurance policies reference local business codes and safety regulations for a good reason: you have a responsibility to ensure people in your premises are safe and well cared for. So, keep records of inspections and maintenance, repairs and safety training. If you’re compliant, you prove that you know how to reduce accidents and you prove that your business takes risk management seriously.
Document everything – always.
If something isn’t documented, it may as well not exist in the eyes of your insurer. Keep records available for inspections and maintenance and look at safety properly. You want to show that you can provide evidence of compliance if ever you need to.
Review business changes carefully
Did you know that changes in your business can affect your insurance policies? Adding new equipment, expanding your space and increasing foot traffic makes all the difference to your insurance and what’s covered and what isn’t. You don’t want to leave gaps in your policies if you can avoid it.
Insurance compliance protects you when things go wrong. Without it, even the smallest of incidents turns into major financial issues. Being proactive will reduce your risks and do so much more for you than just tick boxes.