What’s the best way to minimize financial losses? Foresight and having the proper kind of insurance are steps in the right direction. Business owners have all sorts of strategies for avoiding the need to file insurance claims, which is the point of preventing losses before they happen. In the transport industry, fleet supervisors utilize GPS systems to keep track of valuable assets 24/7. Businesses of all kinds use right priced security components to prevent robberies, shoplifting, pilferage, and break-ins. Routine, schedules building inspections are another excellent way of preventing insurable losses. Consider the following points and see which ones your company can use for maximum effect.
GPS for Transport Fleets
In fleet management, one of the cardinal rules is always know where the trucks are. The most cost-efficient way of doing so is to use GPS tracking on every vehicle the company owns. Supervisors of fleets employ sophisticated software to keep tabs on all their rolling assets 24/7 and in real-time. There’s no better way to achieve 100% locational accuracy. GPS systems prevent losses in several ways. In addition to pinpointing the location of every shipment, driver, and truck, they provide owners and insurance companies with essential records that serve as verification for on-time delivery and unplanned stops. In the shipping industry, thieves sometimes target large, high-value cargo. When owners can maintain detailed logs of every shipment’s route, there’s a much greater chance that stolen items can be recovered.
Economical Security Systems
There is so much focus on common cybersecurity threats that sometimes physical security systems can take a backseat. It’s worth noting that most of the top insurance carriers offer premium discounts and special rates for customers who use reliable security systems to protect buildings, goods, equipment, inventory, vehicles, and other company-owned assets. Businesses can now take advantage of the fact that sophisticated security arrays have come down in price. When viewed as an investment rather than an expense, components like surveillance cameras, motion-sensitive alarms, smart locks, perimeter lighting, and window bars are a commonsense way to protect your assets and get excellent rates on insurance coverage at the same time.
On-Site Safety Policies
Written, detailed safety policies are another piece of the protection array for any business. The documents serve as proof that the company is concerned about minimizing accidents. Even more, an on-site safety program is a potent preventive measure for keeping workers safe by spelling out methods for keeping floors dry and uncluttered, detecting gas and water leaks, and reporting visible fire hazards.
Regular Building Inspections
Inspections are underrated, particularly by new owners and those who maintain small office spaces or storefronts. But in most cases, insurance carriers won’t write policies unless the insured agrees to undergo annual inspections of the premises. The concept makes sense because, as every insurance rep knows, routine visits reveal all kinds of potential hazards. Even businesses that moved online in large part, restructuring to remote work environments, need building inspections for any physical spaces they occupy, big or small. Even during a short walk-around of a property, a carrier’s agent might find potentially dangerous exposure of electrical wiring, roof leaks, apparent gas accumulation, places where fires could start and spread quickly, etc. Owners should be proactive by not only welcoming annual inspections but requesting intermittent ones when they discover a potential hazard during daily business.
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