Property is valuable and expensive. The last thing any property owner would like to get is a property liability lawsuit against their property. Such litigation can prove to be very costly if the owner is found liable. There are several measures that property owners can take to avoid litigation. Below are four steps you can practice reducing any unnecessary liability:
i. Checking your premises regularly for defects
The first thing to do is checking your premises regularly for defects. Property owners should periodically inspect their premises using a property inspection checklist. This will enable them to detect defects on the premises beforehand and repair them before any tenant gets hurt. It is also a convenient way of proving to a court that you care about your property and have played your role in ensuring the safety of your premises. Defects to inspect regularly include lighting, sidewalks, staircase, smoke detectors, and electrical cable conditions.
ii. Create an easy system that allows workers to report issues
Once you have checked your premises, you’d wish to be notified whenever an issue arises. The next thing you focus on is to create an easy system that allows workers to report issues. As a property owner, you want your workers to be able to quickly communicate to you any hazardous conditions within your property as soon as they get noticed. This might involve setting in place a policy where workers inspect the site conditions and set up warning signs to inform others of the danger. Make sure the process of reporting is direct and straightforward with no bureaucratic barriers so that your workers don’t get intimidated by doing it.
iii. Hire a property manager
Hiring a property manager is a crucial step that you should consider. A property manager will be able to take care of your oversee any property issues as well as manage the employee reporting system in your absence. He or she will expressly be hands-on hand to instruct workers to fix any emerging issues on your property. This saves you valuable time, and you have less to worry about as you know you have someone on the ground who can handle things for you. Making sure the property manager is insured is wise. Insurance agencies offer property liability insurance and will handle the legal fees in case of a lawsuit.
iv. Form property corporations
The final step should be forming property corporations. Property corporations are legal institutions that are separate from their owners, and they have rights and responsibilities just like an ordinary individual does. These corporations are best known for limited liability since they allow the owners to reap the profits of their business and protect them from being personally liable too for debts that the corporation is charged. As a property owner, this is important as it will protect you from having your assets being liable in case of a lawsuit and prevent you from going bankrupt.
A Final Thought
If you implement the above four strategies, you can be sure to protect yourself and your property from lawsuits, and you’re assured that your employees are protected from injury while on their premises. Of course, your physical property is only one area of your business that’s turning your hair grey. You have enough to worry about, so let us be part of your solution to help make your life easier.