Are your general liability claims on the rise? Slips, trips, and falls are often a significant driver of claims related to commercial real estate companies. So, what causes them and how can you minimize risk?
These incidents don’t just happen in winter months. In fact, according to the National Safety Council, 805 workers died in a slip, trip, and fall accident in 2020. Pretty scary when you think about it! With a statistic like that, it’s no wonder why slips, trips, and falls are the leading cause of loss for real estate companies. Even though death from a slip, trip, or fall may not be what’s driving your claims, it could be why you’re seeing claims for related injuries.
A slip, trip, or fall can occur at any time. It can be as simple as water on the floor, slipping on ice, or even tripping on an entry rug. Unfortunately, whether it’s your company’s fault or not, you may be liable to pay a claim that comes along with it. So, what can you do to mitigate your losses in this area?
The first step is to implement good health and safety initiatives, which are often simple practices that can impact your bottom line. Start by walking your properties and looking for areas of concern such as:
- Uneven flooring
- Unkept flooring or rugs
- Poor lighting
- Cluttered areas
- Areas that have frequent spills
- Uneven stairs
- Areas where cameras don’t reach
The second step is to take action by addressing these concerns. Typically, it’s a simple fix that can prevent the losses from occurring. Make sure to keep track of all maintenance and review records for any completed work. This can come in handy if there’s a fraudulent claim.
The third step is to monitor who’s entering and exiting the property. Is it employees, vendors, or third-party individuals? Knowing whom the potential claim could come from is important and often an area where you can track trends and frequency.
Finally, partner with your broker or insurance company for additional tips or loss control advice, as well as a risk management program that can help significantly reduce claims arising from slips, trips, and falls. Having a planned out service schedule with your loss control team can help minimize your exposure but also help when it comes to settling a claim in an efficient manner.
Contact an MMA advisor for more information.