Business and Property Security Assessments and Audits
Alexander World Wide Protection Services (AWPS) has been providing premises liability reduction and property security assessments to the property management and property investment and business owner communities for nearly twenty years.
Clients for property security assessments include some of the largest, nationwide REITS (Real Estate Investment Trusts) and property management companies in the country. The exposure to liability due to security related complaints is substantial…in fact, litigation related to property safety and security issues ranks near the top, only surpassed by “slip and fall’ and fair-housing litigation. The average award for property security complaints is approximately $500,000 and the average costs of defending against property related security lawsuits is roughly $100,000. Security and risk assessments also protect business owners from security-related liability and can dramatically increase profitabilty by reducing theft and providing a more secure environment in which to conduct business.
This is why it is important to conduct a “baseline’ premises security assessment and to archive the written report for a minimum of five years. Not only do most jurisdictions look favorably on security assessments for investment-grade properties, but often times there are also insurance benefits for having conducted assessments.
Courts tend to look favorably on security assessments of properties…especially those sorts of properties (Apartment communities, Condominiums, Office and mixed use) where there are “significant’ common areas and where the property has significant interface with the public.
Security assessments of properties will reduce the “FORESEEABILITY” of a site and will mitigate any prior similar which by extension can elevate both the foreseeability factor and the risks profile.
Security assessments will look at any current policies and procedures in place ( if any) , will conduct both day time and evening inspections ( of both interior and exterior) , will conduct nighttime inspection and property surveillance, will analyze local police crime statistics and will develop any necessary recommendations for upgrade or corrective action.
The costs of conducting a baseline security assessment is fairly insignificant, certainly that is the case when compared to the costs incurred just based on one negative “incident’.
As mentioned earlier, most jurisdictions look very favorably on property security and safety assessments as this demonstrates a “PRO-ACTIVE” as opposed to a “RE-ACTIVE” posture. Clients also have used security assessments as part of an overall due diligence strategy when negotiating other property purchases.
The upside of conducting routine, portfolio -wide, baseline property security assessments are significant and is part of maintaining healthy portfolio revenue potential.
Ultimately, it only takes one successful litigation from a security related complaint to endanger the financial success of the entire portfolio. AWPS has successfully provided risk assessments and vulnerability studies to businesses, non profit organizations and property management companies in more than two dozen states as well as Puerto Rico and the US Virgin Islands.
“I have time and time again contracted with Travis Alexander and AWPS to provide property risk assessments as well vulnerability studies…including internal loss control for our business I can do no better than to highly recommend AWPS to any business that needs protection or needs reduce exposures to liability…AWPS is the best in the business…period!”
Peyton Harris, CEO