When you store clients’ cargo, you become responsible for its safety. This responsibility drastically increases your liability. Here are four ways to reduce your liability in such situations.
1. Fire Protection
Fire can cause millions of dollars worth of damage to a storage space in the space of a few hours. Protect your business by having your sprinkler systems, fire extinguishers, and fire alarms up to date.
2. Theft Deterrence
Warehouses that store expensive property can find themselves the targets of criminals looking to make a quick buck. Burglar alarms and surveillance (video and personal) can deter thieves and assist in their capture.
3. Water and Electrical Maintenance
It’s easy to notice problems in buildings with high numbers of people per square foot (such as offices.) Storage spaces often require more dedicated maintenance to make sure all the systems are in order.
4. Hazardous Cargo
Fireworks, propane tanks, and other goods can represent a hazard to other stored items. Employees trained in the recognition and proper treatment of hazardous transportation can limit these risks.
Minimizing exposure is the first step to reducing the chances your business could end up in trouble. A strong bailees insurance coverage policy should be your next step to protecting your company from major losses of money.