When you run a condo association, you are responsible for identifying and minimizing the risks and dangers that members are exposed to. Follow these tips to lower safety, security and financial risks for your condo owners.
Identifying condo association risks starts with safety and security. There are several areas where members may be vulnerable:
- Slips and falls
- Building safety
You can address each of these issues head-on to significantly reduce or even eliminate risk. For example, security cameras and guards can protect the building from would-be criminals. Establishing and following safety protocols as well as a regular building maintenance schedule can help prevent people from getting injured on the property. Updating your computer system’s firewall frequently can guard against privacy violations or identity theft. The best way to lower risk is to put strategies in place to combat them.
If your condo association does suffer a loss, having the right insurance coverage can greatly reduce its financial impact. Think beyond the basic property and liability policies to get coverage that is specifically tailored from identifying condo association risks. Talk with your provider to find the most comprehensive package.
The first step to protecting condo association members understands potential risks. Prevent the problems you can and make sure you have adequate insurance coverage to take care of the rest.