FM Global believes losses at idle properties are preventable and recommends companies ensure the following needs are addressed, while prioritising employee health and safety, to help protect their facilities as the crisis unfolds.
In addition to fires, vandalism and theft, cyclone season continues in Australia until the end of April, leaving understaffed facilities potentially vulnerable.
“Any of these events could delay a company’s rebound when the pandemic wanes, causing irreparable financial harm such as lost revenue, market share and reputational damage,” says Kevin Ingram, executive vice president, chief financial officer, FM Global.
“Countless companies across many industries have paused operations around the world in what has been billed as the biggest factory shutdown since World War II, and more closings are expected,” he says.
“It’s human nature to focus on the most sensational risk, in this case a terrible one that’s commanding attention around the globe,” adds Ingram.
“Yet it’s important to remember that other serious risks haven’t gone away and continue to affect organisations’ resilience. Firms that stay vigilant are more likely to be the winners that get back to business at the earliest opportunity,” he adds.