What You Need to Know About Commercial Property Security Management

There are numerous challenges to consider when managing a commercial property. Often overlooked, hiring and staffing may not be your concern, however their safety could be your liability. Protecting your commercial properties from theft, vandalism, and dishonest employee behavior requires in-depth knowledge into your options and necessities as a property manager.

Every building has unique security needs, and can be solely reliant on the type of tenants and their line of business, yet there are a few things that you need to consider when delving into the world of commercial property management.

The government of Canada’s General Social Survey declared that mischief and vandalism costs $2,810 million per year, while the U.S. Small Business Administration claims that a single vandalism act can cost an average of $3,370. The price tag for graffiti removal, however, soars as high as $10,000 in some cases.

The biggest challenge that property managers face is ensuring that their property is protected and well maintained. Choosing the right security measures and aligning yourself with the right company can aid with at least one of those challenges.

Security Regulations

Looking at the types of commercial property insurance can give you an overview of the kinds of risk management that you need to consider to properly manage your property. In order to be ready for anything, consider making sure that your property is covered under these insurance umbrellas so that should any damage or injury occur onsite, you’ll be covered.

• Property Insurance: Ensuring that your building and equipment are protected and insured
• Liability / Excess Liability: It is your duty to insure and protect against any injuries or bodily harm that could be caused by accidents on your premises
• Fidelity: Do everything in your realm of capability to ensure that fraud is monitored and managed
• Errors & Omissions Liability: If a client claims financial loss due to an error or omission on your part, or that of an employee, you could be liable — unless you have E&O liability insurance

In order to ensure that your property is safe from thieves, vandals, and individual injuries, there are a number of security measures that should implement before your client’s doors are open for business.

Conduct a Risk Assessment:

Consider exactly what it is that you are protecting, how you’re protecting it, and the likelihood that something will happen.

When you’re dealing with the livelihood of your tenants and their business, it’s important to understand exactly what it is that you need to do to keep their space, and your building, safe. You should consider what kinds of security equipment are already in place, and evaluate the perimeter, exterior, and interior of your building for any potential gaps in security.

 

Type of security to consider in
commercial property management

 

Intrusion Alarms & CCTV
Closed circuit television cameras ensure that you are constantly able to see the outdoor perimeter and indoor cameras. As a property manager, you may decide to go with a security company that manages and monitors your CCTV systems for you, so that you can implement 24/7 monitoring. With alarm verifications being sent to your phone, and the potential capability to tap into your system for remote viewing, you can rest assured that your building is guarded around the clock.

Whether you need dome, bullet, or 360 focal view cameras, your system needs to be configured to communicate with each other, and a reputable security company can ensure that your system is not only monitored at a secure monitoring station, but that they’re always operational.

Security Guards
Based on your risk assessment, or past experiences in the same neighbourhood, you may want to consider around the clock security guards. Considering the uniqueness of every property, and the value of products or information inside, a round-the-clock security detail may not be necessary, but during the day guards can add an extra element of loss prevention in a retail environment as well as act as emergency response personnel.

Monitoring Station
If you’ve opted for a commercial grade security system, what’s the point if there is no one to monitor it? While simply installing CCTV cameras can act as a deterrent to vandals and thieves, ensuring that you have trained guards monitoring your cameras means that you can rest easy.

You want to ensure that these monitoring stations are remote viewing stations that are access controlled, backed up by generators, and undergoes regular inspections by the Underwriters’ Laboratories of Canada.

Commercial Fire Monitoring Stations
On top of intrusion alarms, you need to know if something is happening at your property. Whether it’s a fire, break-in, or flood, your security system can be configured with local emergency services departments to ensure that they, and you, are immediately notified if anything goes wrong.

Consider Access Control Systems
If your properties are still operating on lock and key systems, lost or stolen keys could be a potential liability. In those cases, rekeying your entire facility could take time and cost a lot in the process.

Access Control systems enable your clients to access their shops and rented spaces through credentials that are unique to them. You can ensure that access to restricted areas is only given to certain people, and you can easily establish protocols such for each credential and immediately know who is in your facility at all times.

Established Toronto Companies:

Choosing the right security team as part of your commercial property management strategy can require endless research, interviews, and consultations with companies to ensure the right fit. But building a tried-and-true relationship can only come with time. Some companies that you could consider in your quest to secure your commercial property are:

• Forest Hill Group
• Paragon Security
• Security Management Services
• G4S

However, if the concept of security seems like too delicate a balance to leave to chance, give us a call at ICC^® Property Management. From residential to commercial, we’ve been managing buildings in the Greater Toronto Area since 1992, and can ensure that everything to do with your building is managed, maintained, and secured. Give us a call to get started on professional commercial property management for your investments.