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Risk management is an essential component for any successful habitational business. Operational controls and safety practices are the first steps in mitigating potential exposures in this industry. Another key component to protecting this sector is acquiring a comprehensive yet customized Habitational Insurance Program to address risks, including those with coastal exposures, earthquake risk, and high TIV limits. The following risk management strategies can be used to minimize risk, reduce injuries, and ultimately protect the business’ bottom line.
A thorough walkthrough can be conducted to identify the potential exposures within the building. From trip and fall hazards to equipment operation and the potential for fraudulent activities, these can be evaluated with a comprehensive assessment plan. Identifying the risks is key in preventing them.
Hotel management can work to identify red flags. If an injury has occurred, the root cause should be identified. In order to avoid future incidents, lessons must be learned from each accident on property. The injury is investigated, witness statements are taken and a fact analysis is completed to make sure any contributing factor to the accident is handled immediately. This could be retraining, fixing unsafe equipment, addressing a team member that possibly followed an unsafe practice or even preventing horseplay on the job. Each incident is analyzed and corrective action is taken to ensure that the root cause of the accident is taken care of, explains PHD Hospitality.
Resolving issues is the next step in risk management. In general, issues need to be resolved as soon as they occur. Once dangers are identified, work to create a policy or procedure that rectifies the situation and prevents future injuries or exposures.
About Mavon Insurance
At Mavon Insurance, we offer specialized coverages to meet the customized needs of niche markets such as hotels, student housing, condos, motels, senior living facilities, and multi-family units. As a leading national wholesaler, we can help you place coverage for a variety of habitational facilities. For more information, or to become an agent with us, we invite you to contact us today at (877) 426-2866.