Due to the COVID-19 virus, many state and local governments across the country have encouraged or required the temporary closure of non-essential businesses to protect public health. As a result, many business owners have closed down their operations and shuttered their premises for the time being. In the midst of this global and financial uncertainty, the last thing businesses need is to discover their property has been burglarized or vandalized during these closures. The focus of our Aegis blog post is to offer suggestions for how to best protect commercial properties during required or recommended closures.
Install Security System
The first and best line of defense for companies concerned about property security is to have a video monitoring system that captures both the interior and exterior of the premises. Not only can video security systems capture people in the act of burglary or vandalism, but also the simple act of having them in place can deter possible criminal activity and prevent costly damages and loss. In addition, having a video monitoring system in place can help eliminate the need of having a full or part-time security worker on site during the business closure, which can save valuable financial resources.
Take Thorough Inventory
In addition to having a video monitoring system to protect commercial property, business owners should also consider making a thorough inventory of all interior and exterior property, including raw materials, inventory, tools, equipment, specialized machinery, commercial vehicles, and any rented or leased property still on-site. This can help in the event there is a covered event that causes property damage or losses, such as a fire or flood during the closure. This can help business owners identify their full property as well as confirming the total value of assets in the event a sale or scale back is needed later.
Review Commercial Insurance
Finally, companies should take the time to review their current commercial insurance coverage, including their Commercial Property, General Liability, and Commercial Auto coverage. As assets and business models change in light of the COVID-19 closures, a business might find they are overinsured or in need of a change to their premiums or deductibles. An insurance review can also identify any possible gaps in coverage, which could help ensure a better coverage in the event that damages or losses occur during the closure.
For more information on how Aegis Insurance & Financial Services can help your business protect valuable assets and commercial property, contact our Aegis team at 713-850-7622. We can discuss current Commercial Insurance policies and what changes can best help your business now and for future recovery efforts.