The Importance of Property Risk Management for Blocks of Flats

If you manage a block of flats, it is important to consider the potential risks and hazards that could take place. Whilst it is a daunting aspect of property management, health and safety in flats is vital in order to prevent costs and damage caused by accidents, hazards or even theft. Having an effective property risk management plan in place can even help to reduce your block of flats insurance premiums, due to taking all necessary steps to minimise risks. Learn more about the importance of risk management for your block of flats:

What is property risk management?

Property risk management is an in-depth analysis into the risks and hazards that may arise in a block of flats, followed by instating reasonable measures to prevent or at least manage these risks.

You may worry that risk management requires a consultant, excessive paperwork and a hike in the block of flats insurance. If risk assessment and management are carried out carefully and meticulously, it can be less of a headache than initially thought. Plus, it could even lead to cheaper building block insurance. Our team of experts at Flats Direct are on hand to provide you with all the advice you need when it comes to commercial property risk management and insurance.

One of the main parts of property risk management involves creating a fire risk assessment for flats, which is a legal requirement for all flat buildings. As it is much easier for fires to spread in a block of flats, alongside more difficult means of escape, it is vital that all communal areas and individual flats are assessed.

The main potential risks include:

  • Fire, storm, flood & subsidence
  • Theft
  • Building conditions
  • Building maintenance­
  • Passenger lift inspections/ management
  • Working at height
  • Slips, trips and falls
  • Water, gas and electrical installations
  • Hazardous substances (cleaning fluids, pesticides, asbestos, etc.)
  • Diseases and infections
  • Waste management
  • Manual handling of heavy loads
  • Violence and threatening behaviour
  • Working alone

It is also important to remember that those at risk are not just the occupants of the block of flats. You may also need to consider those in close proximity to the block, such as employees, contractors, neighbours and the general public.

Why is property risk management for your block of flats important?

Property risk management for your block of flats is important to help identify and reduce hazards, making the environment safer for everyone. It can help reduce serious injuries, loss and in the worst case scenario, death. Therefore, it is crucial that property risk management for your block of flats is conducted professionally. Having a high quality block of flats insurance policy is also a fundamental part of risk management, providing you with the added reassurance and security you require.

Furthermore, good risk management can build confidence and improve the relationship between the residential property management or landlord and the occupiers. In turn, this can help:

  • Reduce the risk of accidents
  • Prevent claims against the residential block management
  • Help your block of flats achieve its full potential in market value

Who is responsible for risk management in your block of flats?

The quickest way to identify who is responsible for property risk management in your block of flats is to refer to the lease. It is worth noting that some risks may be managed by the caretakers, contractors, and other parties.

For example, it may fall to the gardening contractor to perform a risk assessment before carrying out extensive gardening work.  However, the property management agency or landlord may still be responsible for ensuring all sensible measures have been taken to reduce the risks for the occupiers.

For more risk management advice or to enquire about building block insurance, get in touch with our expert insurance advisors at Flats Direct. Call us on 0800 731 6242, email or fill out our quick block insurance online quote.