Most property owners are aware of the risks of fire, storm, flood, theft, vandalism, and lots of other things that can cause loss or damage, but there are five kinds of risks it is easy to forget about.
1. Continuity Risk. This is the risk of your business being unable to operate while the damage is being repaired. This can mean not only the loss of sales at the time, but also the loss of clients, or key employees, if the business is closed for long.
2. Third Part Risk: Personal Injury. This is the risk of someone bringing a claim against you because they blame you for an accident where they have been injured.  Alleged defects in your property, such as tripping hazards or sharp features, are often to blame for this. It is also important to prevent public access to work areas.
3. Third Part Risk: Property. This includes the risk of damage to other peoples property if a fire, flood, etc. spreads to their property because your prevention measures were not good enough. This is especially common where empty or derelict property is concerned.
4. Tenants’ Property Risk.  This is when one tenant blames you for losses caused by workmen doing maintenance in the premises or for another tenant’s failings in allowing fire or water to spread to their property.
5. Rights of Way. Where these exist you have a special duty to ensure the safety of people using them. Where they do not, you need to prevent any being created, by blocking off at least one day a year any unofficial paths through your property.
It is important to consider your insurance cover for these risks and also to have a recovery plan for major incidents. You also need a good claims handling system to enable you to defend claims or settle them at least cost, taking into account the recent changes in the legal system limiting you to 40 days to deal with certain claims.