Some of the biggest costs to businesses today come from property-related risks.

As organisations look to create value from rationalising assets and streamlining supply chains - concentrating assets in the process - so these potential exposures increase. The effects of a badly managed property risk include business interruption, increased claims, damage to reputation and expensive insurance.

In addition, owners and landlords of commercial property are required to uphold a range of property-related regulatory standards to protect their property and the welfare of staff and the public in it.

This regulation requires them to undertake risk assessments and surveys to collate information on the exposures at sites and the adequacy of building design and materials to cope with risks such as fire.

More recent regulations place further burden of proof for adequate fire safety on the person responsible for the premises.

Critical questions you need to consider

• Are you confident that you have adequately assessed all of your property risks?

• Are you confident that you know what property-related risk is costing your organisation?

• Does your Property Damage/Business Interruption claims history require you to develop more effective loss control strategies?

• What steps has your organisation taken to ensure it meets its duties under fire regulation?

• How does the quality of your risk management, level of claims and cost of insurance cover compare to similar organisations?