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Public Entity Building

Public entities have unique types of building structures. That is, they have different commercial property insurance risks. They also can be a bit more difficult to manage in terms of risks.

These structures tend to have very high values. They also have different risk exposures than similar business properties. Those risks have more to do with the experiences people have within public entities than true commercial activity. So, these types of structures need a unique, tailored type of insurance coverage.

What Can You Do To Reduce Risk?

The first step is always the same. The commercial property insurance policy the structure or space maintains must match the types of activities that happen there – as well as any area-specific concerns.

As with any type of property insurance, this plan should address the value of the space and the way the owner uses it. Therefore, having a customized, specific policy in place is essential. It helps to keep your space protected from risks.

Also, consider ways to make the space safer. What would you do if this your entity was located in a traditional storefront or a private piece of property? A good step would be to secure it.

Proper security of public entity spaces is a bit more difficult, but still must occur. In some cases, this means the use of electronic surveillance systems. In others, it means having a security service or police presence at the location.

The goal here is twofold. First, having security means that you can minimize dangers and risks that do occur. And, the presence of security alone can ward off those who would try to steal from or vandalize the space.

An important step in minimizing risks is to work with an insurance agent to create an audit of the space. This will involve meeting at the location and examining it. The goal will always be to determine what the underlying cause of the problem is. It will also mean considering the overall concerns at the location such as the people that use it, the types of activities that may be too high of a risk, and the overall security present.

This audit will help illustrate risk. It is then possible to mitigate that risk through preventative steps.

In every situation, the public entity space needs a plan for safety. That comes in the form of the right commercial property insurance that is up to date.

Have questions about insuring your public entity? Contact Amco & Remco Insurance for more information today.

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