4 Crucial Steps for Commercial Property Owners in a Crisis

Disasters strike when we least expect them! Imagine walking into your commercial property one day to find two floors submerged in water due to a burst pipe. That’s what happened at our law office this week, prompting an urgent dive into the vital protocols every property owner should have in place. Let’s talk about 4 must-do moves for property owners in a crisis.

1. Stop the Damage and Call in the Professionals

When disaster strikes, immediate action is critical. First and foremost, contain the situation. In the case of a flood, shutting off the water supply should be your top priority. Once the immediate crisis is contained, it’s time to call in a mitigation team. While some property owners may have the skills to tackle the situation themselves, it’s generally advisable to bring in experts. They’ll focus on mitigating any further harm to your property, allowing you to focus on the bigger picture.

2. Know Your Facility

Preparedness is more than just a reactive approach. It’s about knowing your facility inside out. Every property owner should familiarize themselves with essential locations, like water shut-offs for the main line and individual units. But it’s not just about water—know where all critical systems and shut-offs are. Being prepared and having this knowledge can make the difference between a quick resolution and prolonged damage.

3. Review Your Insurance:

Comprehensive insurance is paramount, but understanding your policy and knowing who to call is equally important. It’s beneficial to have an insurance agent you can quickly reach. A responsive agent can guide you through the complexities of your policy and provide much-needed clarity in stressful situations. Make sure you have an agent who you can easily get in touch with when unfortunate incidents inevitably happen.

4. Stay Calm and Solution-Oriented

While disasters are unexpected and often overwhelming, it’s vital to maintain a solution-oriented mindset. Rather than being upset that it happened, it is important to move forward as quickly as possible to solve the problem.

Disasters, whether natural or man-made, are an unfortunate reality. However, with a proactive approach and a clear plan, you can navigate these crises more smoothly. Remember, it’s all about preparation and staying focused on the solutions. Here’s hoping you never have to use these tips, but if you do, they’ll be invaluable. 

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Thomas & Webber Law at the Lake

Our entire legal team is committed to providing you with first-class service and a knowledgeable, professional guiding hand to help you during your real estate closing.

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