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How can you use risk assessment to minimize property liability?

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As a property manager, you are responsible for ensuring the safety and security of your tenants, guests, and assets. However, you cannot eliminate all the potential hazards and risks that may arise from various sources, such as natural disasters, accidents, vandalism, theft, or lawsuits. That's why you need to conduct a risk assessment to identify, evaluate, and prioritize the possible threats and vulnerabilities that could affect your property and its occupants. In this article, you will learn how to use risk assessment to minimize property liability and protect your reputation and profitability.

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Daniel Cunningham

Host of the Apartment Academy podcast. CEO of Leonardo247 ? Serial Proptech Entrepreneur.

1 What is risk assessment?

Risk assessment is a systematic process of analyzing the likelihood and impact of various scenarios that could harm your property, people, or operations. It involves identifying the sources of risk, estimating the probability and severity of the consequences, and ranking the risks according to their significance and urgency. The purpose of risk assessment is to help you make informed decisions about how to prevent, reduce, or transfer the risks that could expose you to liability claims or losses.

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Rita Baal-Taxa

Risk Management, Fintech & InsurTech Leader
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Each risk management overview should distinguish between, Insurable and non-Insurable risks, and between manageable and non-manageable risks. Thus, concentrate on the Insurable and manageable solutions, while pointing out the pieces which are both non-insurable and non-manageable, as risk factors to the company.

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2 How to conduct a risk assessment?

In order to conduct a risk assessment, you must first define the scope and objectives of your assessment. Consider what you are trying to achieve, the boundaries and limitations of your assessment, and who the stakeholders and beneficiaries are. Next, identify the risks that could cause harm or damage to your property, tenants, guests, or staff. Consider the sources and causes of these risks and how you can detect or monitor them. Afterward, analyze the risks to determine their likelihood of occurring and the severity of their consequences. Additionally, evaluate the existing controls or measures in place to prevent or mitigate these risks. Finally, prioritize the risks by comparing their likelihood and impact; determine which risks are most critical and require immediate attention versus those that can be tolerated.

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Daniel Cunningham

Host of the Apartment Academy podcast. CEO of Leonardo247 ? Serial Proptech Entrepreneur.
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If you're willing to do this on a regular basis and can prove it with digital record-keeping, you might be able to get better rates on insurance. In fact, Sertis Insurance is an MGA specifically created to get better rates to multifamily operators who are diligent about performing and documenting risk management. So it's not only a smart idea to minimize claims, but it can also get you lower insurance rates.

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3 How to use risk assessment results?

Once you have completed your risk assessment, you need to use the results to develop and implement a risk management plan. This document should outline the strategies and actions that will be taken to address the identified and evaluated risks. It should include a risk response, which can be avoiding the risk by changing plans or activities, reducing the likelihood or impact of the risk by implementing preventive or corrective measures, transferring the responsibility or cost of the risk to another party, or accepting the risk and its consequences. Additionally, a risk owner should be assigned who will oversee the implementation and monitoring of the response. A timeline for executing the response should also be established, taking into consideration any dependencies or interrelationships between different risks and responses. Lastly, a budget should be allocated for carrying out the response and considering any potential savings or benefits that may be generated.

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4 How to monitor and review risk assessment?

Risk assessment is not a one-time activity. It is a continuous and dynamic process that requires regular monitoring and review. You need to track and measure the performance and effectiveness of your risk management plan, adjusting as needed. Furthermore, you should update your risk assessment whenever there are changes in your property, environment, or operations that may affect your risk profile. These changes could include new or emerging risks, changes in risk level, changes in risk response, or changes in stakeholder expectations. For instance, new regulations, technologies, markets, or competitors could affect your property; incidents, feedback, audits, or evaluations could increase or decrease the likelihood or impact of existing risks; and stakeholders could change their requirements, preferences, or perceptions regarding your property or risk management.

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5 What are the benefits of risk assessment?

Risk assessment is a valuable tool that can help you improve your property management and achieve your goals. It can enhance your awareness of potential hazards and risks, enabling you to make informed decisions about how to prevent or reduce them. Risk assessment can also optimize resource allocation by focusing on the most critical and urgent risks and responses. Additionally, it promotes communication with stakeholders by involving them in the process and sharing the results and actions. Moreover, risk assessment can boost your reputation and credibility by demonstrating your commitment to managing your property safely and securely.

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Rita Baal-Taxa

Risk Management, Fintech & InsurTech Leader
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Creative approach to risk assessment can enable cooperation between partners such as insurers who will invest in preventive measures or technologies on insured sites to improve their own underwriting results. The insured will then gains a triple scor: First, the insurance premiums will be reduced, as Loss Ratios will improve. Second, the costs of the preventive measures and technologies installed on insured sites, are borne by the insurer, hence less expenses for the insured. Third, the insured compound will u due less losses, be safer and deductible payment will be kept lower.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you use risk assessment to minimize property liability?

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6

1 What is risk assessment?

2 How to conduct a risk assessment?

3 How to use risk assessment results?

4 How to monitor and review risk assessment?

5 What are the benefits of risk assessment?

6 Here’s what else to consider

Property Management

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How can you use risk assessment to minimize property liability?

1

2

3

4

5

6

1 What is risk assessment?

2 How to conduct a risk assessment?

3 How to use risk assessment results?

4 How to monitor and review risk assessment?

5 What are the benefits of risk assessment?

6 Here’s what else to consider

Property Management

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