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Unlock the secret to lower business insurance premiums: Waterproofing your facilities

 

 Timely advise from Forbes contributor Ray Schultz:

  • Waterproofing your company's facilities can save money on insurance premiums.
  • Structural waterproofing involves sealing and/or repairing foundations, roofs, and walls to prevent water damage and rotting.
  • Property owners are usually required to have insurance to protect against costly damages.
  • Some insurance companies offer discounts to property owners who have their buildings waterproofed.
  • By effectively waterproofing your buildings, you may even be able to reduce your company's insurance premiums.
  • DIY waterproofing solutions leaders can utilize in their facilities include: sealing cracks, covering drains, repairing roof problems, removing leaves from gutters, cleaning roof shingles, raising the sump pump and installing backflow prevention devices.

How Waterproofing Can Help Reduce Business Insurance Premiums

As a business leader, you're always looking for ways to save money. One way to do so is by waterproofing your company's facilities. Not only can this help protect your facilities from potential damages caused by moisture and water, such as mold, rot, and structural damage, but it can also save you money on business insurance premiums in the long run.

What is structural waterproofing?

Structural waterproofing involves sealing and/or repairing your facilities’ foundations, roofs, and walls to prevent water damage and rotting. When the water is unable to penetrate your workplace or facility, it flows away from your property rather than seeping into it and causing damage. This can be an extremely important part of keeping your brick-and-mortar facilities in good condition and saving your company on otherwise costly repairs. By effectively waterproofing your buildings, you may even be able to reduce your company’s insurance premiums as well.

How waterproofing can help reduce business insurance premiums

As a property owner, you are usually required to have insurance in order to protect yourself against costly damages. When considering a policy, leaders should carefully investigate the terms of coverage for losses caused by potential water damage sources, including sprinkler and appliance leaks. They might also consider the purchase of special business hazard insurance for flood damage.

If you’re currently paying high premiums, there may be ways to lower them by taking the time to waterproof your facilities. Some insurance companies offer discounts to property owners who have their buildings waterproofed. The potential losses from damage caused by water are, for some leaders, a threat big enough to necessitate water damage legal liability coverage.

Why insurance companies offer a discount

Insurance companies offer discounts because when your property is protected from water damage, you are less likely to need to file a claim, and your premiums may be lower as a result.

DIY Waterproofing Solutions for Business Leaders

If you decide to implement some DIY waterproofing practices within your facilities, you should first hire a professional to inspect your buildings and offer advice on what you can do to improve them. If you feel that you are not qualified to do some of these projects on your own, consider hiring a licensed and experienced contractor to help.

Here is a simple checklist to consider when waterproofing your facilities:

  • Find and seal cracks that are allowing water to seep into your facilities.
  • Cover drains that are letting water back up, preventing it from flowing away from your facilities.
  • Repair roof problems that cause water to get into your facilities.
  • Remove leaves from gutters.
  • Clean roof shingles to prevent them from becoming damaged and letting water into your facilities.
  • Raise the sump pump, so it can handle heavy rainfall without getting clogged and causing water to back up into your facilities.
  • Install backflow prevention devices to prevent water from getting into your facilities.

In conclusion, waterproofing your company's facilities can be an excellent way to save money on business insurance premiums. By effectively waterproofing your buildings, you may even be able to reduce your company’s insurance premiums as well. Whether you choose to hire a professional or do it yourself, you may very well be able to save money on your insurance premiums by taking the time to do it, document it and update your insurance policy.

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