Why does my business need to be inspected for insurance purposes?
An inspection by The Co-operators can help you save money on your business insurance and keep you and your employees safe. Fewer hazard spots means your business is less of a risk to the insurance company, which means your premiums will be lower.
An inspection requested by your insurance company is typically called a loss control or a loss prevention inspection.
When is an inspection required?
An inspection is ordered randomly unless your business has a particular hazard that is flagged for this kind of inspection.
What kinds of situations flag my company?
If you are supposed to have a sprinkler system installed for insurance purposes within a certain period of time, we'll need to ensure that it’s been installed. If your business has certain kinds of equipment that have greater potential risk, such as a restaurant equipped with a deep fryer, we require an inspection.
Remember, an inspection of your business for insurance purposes is nothing to be nervous about. If an inspector finds something that you need to fix to maintain your insurance rates, you'll be given plenty of opportunity to do so before your premiums are adjusted.
What will you be looking for?
Our inspectors have the trained eye of a contractor. They'll be looking over the structure for any potential hazards, such as snow load, the need for replacement or repair of a roof, the state of the heating system, wiring and electrical systems.
Liability is a costly insurance risk that ties in directly to health and safety. Anything that may be unsafe will be brought to your immediate attention, such as improper snow removal in the winter.
If you own something like a grocery store, we'll check the parking lot for potholes that could cause potential slip and fall accidents and damage to cars.
How is the information used?
We will prepare an extensive report for your review that gives you a list of tips in writing, as well as any relevant prevention bulletins that we have produced on the subject.
How does this benefit my company?
Our loss control inspectors are extremely knowledgeable. If you are doing renovations, inspectors can tell you what may not be up to code in upcoming regulations.
Can I order an inspection of my business?
Yes. It’s a good idea if you want to know how you can save money on your insurance or find ways to make your operation safer. A health and safety audit from a private company can be costly, but an inspection from your insurance company is completely free.
What are some common tips you give
Generally speaking, maintenance of your premises is a common issue. In a manufacturing plant, there are multiple issues to consider, including making sure guards are on machines and haven't been removed to make production faster. Every business has property and liability exposure, and our inspectors will help you reduce that exposure.
If your business makes night deposits at the same time every night, you may want to vary that, or make them in the daytime when it is safer. When making deposits, employees should go in pairs to avoid having one person carry large sums of cash alone.
If you haven't had an inspection done on your business, consider asking your Financial Advisor to book one today. You’ll find out how to save money and benefit from our free safety and prevention advice.