Property risk surveys increasingly being requested by insurance companies

Property risk surveys play an important role for business owners, commercial property owners and insurers in determining risk and liability exposures, informing risk evaluations, terms and demonstrating effective risk management. Property risk surveys for commercial properties are increasingly being requested by insurance brokers and insurance companies to accompany insurance renewals and quotation requests. Given the current insurance landscape and the recent catastrophic events in Australia and globally, it is no surprise that insurers expect a complete picture of the risks that they are currently underwriting or considering to underwrite. This highlights two important factors for business owners and commercial property owners:

1. Having sound risk management provisions in place for business, people, property and assets; and
2. Proactively demonstrating or “showcasing” these risk management provisions (compliance, risk controls etc)

This is where an independent property risk survey can assist all parties as it provides a number of key benefits:

• Targets key areas of risk (relevant to the business, property, insurance)
• Validates risk controls (elimination, reduction, mitigation)
• Identifies risk vulnerabilities and exposures (absence of controls, gaps in controls, noncompliance)
• Recommendations to address risk vulnerabilities and exposures (corrective actions, risk controls, compliance requirements)

Where businesses and commercial property owners have sound risk management provisions in place, the property risk survey will formally capture and report on this. Where risk vulnerabilities and exposures are identified, the property risk survey will provide recommendations to assist with addressing risk vulnerabilities and exposures.

We do property risk surveys

Property risk surveys form part of our insurance risk survey and management program which includes (but is not limited to):

• Property risk
• Business risk
• Operational risk
• Business interruption
• Asset protection
• Public safety and liability
• Workplace health and safety
• Thermal imaging and diagnostics

What we look at

Our approach for conducting property risk surveys includes information gathering, review of compliance processes and documentation, risk control validation and a physical inspection (site visit) of the property. The property risk surveys are comprehensive and typically capture:

• Property, building or facilities
• Physical conditions and workplace practices
• Plant and equipment
• Security systems and infrastructure
• Fire equipment, systems and compliance
• High-risk areas, equipment or activities
• Business interruption and continuity

Our property risk survey report includes observations, risk controls, exposures and recommendations to address risk vulnerabilities.

A simple process

1. Arrange a date and time that suits you for a site visit to conduct the risk survey.
2. Request and review preliminary information and documentation in preparation for the site visit.
3. Conduct the risk survey during the site visit including physical inspection, risk information gathering, documentation citation and risk control validation.
4. Provide a risk survey report capturing observations, risk controls, exposures and recommendations to address risk vulnerabilities.

Why Simplifyrisk

• We are seasoned risk management professionals having worked across a wide range of business sectors.
• We are experienced in facilitating and delivering thorough risk survey reports for workshops, manufacturing, warehousing, storage facilities, sporting facilities, commercial properties and tenancies (and more).
• We pride ourselves on being flexible, affordable and efficient, get in touch on 0417 895 213.