Risk Management Tips Archives - 21st Century Mortgage

Water Intrusion Risks for Inventory Dealers

Winter weather is often unpredictable. Some years are mild, with barely any snow. Other years, winters are harsh, bringing freezing temperatures and heavy snow into areas not used to seeing it, and these conditions can impact your inventory and business. While you may be prepared for winter risks like low temperatures and snow, water intrusion [...]

By | November 28th, 2023|Risk Management Tips, Weather safety|0 Comments

3 Recent Inventory Dealer Claim Examples and How to Prevent Them

Last year, we shared three claim examples that real inventory dealers faced, showing the variety of risks inventory businesses can experience. The variety of risks – and claims – continues. Read on to learn about three new claim examples from our insured dealers and how you can protect your business against similar claims.   Inventory [...]

By | August 2nd, 2023|Risk Management Tips|0 Comments

How to Reduce Hail Damage to Inventory

According to the National Oceanic and Atmospheric Administration, there were 4,436 hail-producing storms in 2022. While the heaviest hail damage is largely confined to the center of the United States, nearly every state has a risk of experiencing hail from time to time. And with hail costing billions of dollars every year, it pays to [...]

By | April 6th, 2023|Risk Management Tips, Weather safety|0 Comments

Parking Lot Improvements to Reduce Inventory Damage

Damage to your inventory and buildings doesn’t always occur as a result of theft. Unfortunately, customers, or even employees, can cause accidents and damage. Look at your business’s layout and parking lot structure to see if you can make improvements to prevent these accidents. Easy parking lot improvements With a few minor changes to your [...]

By | December 1st, 2022|Risk Management Tips|0 Comments

Tornado Safety for Inventory Businesses

According to the National Oceanic and Atmospheric Administration (NOAA), about 1,200 tornadoes hit the U.S. each year. As one of nature’s most violent storms that can cause death, injury and destruction within seconds, it is crucial to have a plan in place to protect your staff and customers in the event of severe weather. Tornado [...]

By | March 21st, 2022|Risk Management Tips, Weather safety|0 Comments

Flood Risks for Inventory Businesses

Floods happen quickly and the conditions for flash flooding aren’t always obvious. In 2022, flood repair costs for businesses are expected to top $13.5 billion and cause more than 3 million days of lost business operation combined. Exposure to water quickly causes damage, which is why it’s important for inventory businesses to know the risks [...]

By | February 7th, 2022|Risk Management Tips, Weather safety|0 Comments

Winter Weather Inventory Risks

Winter weather inventory risks can pose a serious threat for businesses. In early 2021, a single winter storm caused an estimated $15 billion in insured losses. Your business may be at greater risk if your product is out in the open and exposed to the elements. Winter weather inventory risks are hard to predict and [...]

By | October 6th, 2021|Risk Management Tips, Weather safety|0 Comments

Reducing Inventory Fire Damage

Fire risk exists on a continual basis for the inventory industry. According to NFPA, the National Fire Protection Association, there's little variation by month, day of the week and time of day when it comes to the average number of inventory fires. Fire sources run the gamut, from arson to lightning to equipment failure, although [...]

By | August 30th, 2021|Risk Management Tips, Uncategorized|0 Comments

Managing Supply Chain Disruptions and Customer Expectations

Over the last decade, we got used to having a fast, reliable global supply chain at our fingertips. But the global pandemic changed all that. Now, delays are common, which can put a strain on your customer relationships when supply can't keep up with demand. If not managed well, such supply problems could turn into [...]

By | June 18th, 2021|Risk Management Tips, Weather safety|0 Comments

Summer Storm Risks for Inventory

Summer storms can pose a serious risk for businesses with inventory. In 2019, the Congressional Budget Office estimated commercial business damage from summer storms at $9 billion. Your business may be at greater risk if your product is located in vulnerable warehouses or out in the open exposed to the elements. These weather risks are [...]