Libraries must put much thought and planning into risk strategies to protect their structure. Proactive policies, such as a comprehensive maintenance plan, and practical contingencies, such as comprehensive insurance coverages, will make libraries resilient against many risks. Here are some important considerations about what you can do to safeguard your library.
Seek Out Assistance With Risk Strategies From a Knowledgeable Insurance Provider
Carrying the right insurance coverages is integral to libraries’ risk management directives. In addition to helpful guidance about which policy indorsements will best meet your needs, an insurance company with extensive experience serving private and public libraries can offer you informed input on using risk strategies to protect your library.
Your insurance provider can shed some light on emerging trends concerning premises liability, library management system vulnerabilities, and cyber risks. The providers’ firsthand experience dealing with claims can equip you with helpful insights involving common loss and liability scenarios.
Keep the Premises in Excellent Condition
Be attentive to your building’s capital improvement needs and ongoing maintenance procedures. Taking care of essential repairs and improvements can prevent physical damage, flooding, and other major loss events, so these essential maintenance functions should figure prominently into risk strategies.
A thorough cleaning and maintenance regimen will help address potential hazards on the premises that create risks of injury to a library’s staff or patrons. Create a maintenance plan that details exactly what your personnel must do to keep the building in good condition.
Protect Valuable Assets
For many libraries, the value of a building’s contents may significantly exceed the value of the building itself. When library operators choose their property coverages and limits, ensuring the inventory’s full value is imperative.
Many items in a library’s catalog might be far more costly than their original value, mainly if they are out of print or otherwise hard to find. Having adequate coverage for your library’s tangible property could spare you from catastrophic losses.
Manage Inventory Vigilantly
Over a fiscal year, the total value of lost or stolen items can add up, so security must be a top priority. Replacing items can put an enormous strain on your limited operating budget. Use a library management system that effectively safeguards your materials. Attach electronic security tags inside of materials to deter patrons from accidentally or knowingly removing materials from the premises without authorization.
Make Your Risk Strategies Adaptive
Being adaptive as you contend with new risks will enable you to deal with them proactively and avoid potentially serious problems before they jeopardize your operations.
Reexamine your risk strategies may be necessary as you introduce new programs, form new partnerships with educators, or collaborate with nonprofit organizations that serve your local community. You must carefully consider possible risks and take targeted steps to mitigate them whenever you modify or enhance your regular activities significantly.
Working with an insurance company well-versed in library risk management can offer several advantages. The scope of your risk management needs differs dramatically from traditional businesses, so it is advisable to work with an insurance provider that can provide you with meaningful insights and support.
About Regan Agency
A family-owned business, Long Island-based Regan Agency has more than 35 years of experience serving the library insurance and risk management needs of Tri-State residents and businesses. We have earned the trust of our clients based on our integrity and commitment to offer individuals and businesses quality library insurance products at competitive prices backed by unparalleled responsive service. Just give one of our professionals a call at (855) 272-1194.
