The chances of water damage occurring in your multi-family or commercial building are endless.
As they say, an ounce of prevention is worth a pound of cure! That is why risk mitigation technology is something to consider when it comes to protecting your buildings.
At its core, risk mitigation technology allows you to identify risks to your building and stop them before losses occur. This technology can save you everything from money (such as restoration costs) to time (your team will thank you!).
This article discusses everything you need to know about risk mitigation technology. We will dive deeper into what risk mitigation technology is, the risks it can protect you from, and some popular technologies you may want to consider.
What is risk mitigation technology?
Risk mitigation technology is key for alleviating and avoiding the various risks that could take place in your building.
In the best-case scenario, this technology allows you to stop damage from occurring. Even in the worst-case scenario, where it takes your team a long time to address or stop the issue, you will find that this technology still reduces the damage.
We might be biased, but we believe that the best risk mitigation technology for commercial and multi-family buildings is water leak sensors. When implemented correctly, they alleviate or prevent the effects of water damage. With many of the average claims costing you over $10,000, it is easy to see why this is one of the most effective risk mitigation technologies available.
In recent years, we have seen significant advancements in smart water leak detection systems/technology. This type of risk mitigation technology utilizes IoT (Internet of Things) to monitor your building and send real-time alerts to your team.
Why is risk mitigation necessary?
Risk mitigation technology is necessary for effective risk management.
When done constantly and properly, risk mitigation technology is vital in reducing the likelihood of risks, such as water damage, from occurring.
By properly identifying risks before they occur, you protect your building's bottom line and reputation.
Risk mitigation technology can also help building owners see savings when it comes to their insurance policy. The fact is, insurance companies love risk mitigation technology! More importantly, they show their appreciation by way of reduced insurance deductibles or discounts on insurance premiums.
The latest report by LexisNexis discovered that buildings with water leak mitigation technology saw a 96% decrease in water damage insurance claims.
3 Ways Risk Mitigation Technologies Protect Your Building
1. Protect Your Building from Financial Risks
Whether caused by burst pipes, leaky roofs, or flooding, water damage is one of the greatest risks to any building or construction project. Not only does it result in extensive damages that are expensive to repair, but it is also associated with many hidden costs.
That is why many commercial and multi-family building owners are turning to intelligent water damage mitigation technology.
Here are some costs you can save on:
Repair and restoration
Administrative costs related to tenant turnover
Cost of having your maintenance team respond
2. Prevent Damage to Your Reputation
Preventing damage to your building's reputation is often one of the less thought-about benefits of risk mitigation technology.
In 2023, there was a massive water leak at a Glendale police headquarters. Over 1,000 cases were impacted simply because of water-contaminated evidence that was being kept in cardboard boxes and paper bags.
If it can happen to a police HQ, it can happen to your building. Unlike a police HQ, your building is less likely to make the news due to a small water leak. That being said, a small leak can easily lead to low Google reviews, complaints on Reddit, and just generally disgruntled tenants.
As mentioned above, tenants often vacate water-damaged commercial or multi-family buildings once their lease is up. These decisions can be related to a variety of factors such as concerns over improper mold removal, annoyance at wait times for maintenance, and more. All of which can lead to bad reviews!
3. Avoid Operational Losses
One of the most common effects of water damage is damaging valuable operational equipment and merchandise.
For example, office space tenants use various electronic equipment designed for stock-keeping, payments, employee management, etc. Even a minor water leak can damage equipment, leading to expensive operational losses. Water damage can also destroy merchandise like stock and supplies needed for normal business operations.
Moreover, water leaks can also damage the building itself, such as the office flooring, drywall, fixtures, ceiling, etc.
Popular Risk Mitigation Technology for Buildings
It's almost 2024 and if your building isn't able to talk to you, then you are living in the stone ages!
There are so many different types of risk mitigation technology available that you can monitor everything from air quality to the movement of your fire extinguisher!
By strategically placing these 3 types of sensors across your building, you can optimize everything from tenant safety to the prevention of financial losses.
Ambient sensors are versatile for monitoring different environmental conditions, such as heat, smoke, humidity, and temperature.
By leveraging the capabilities of ambient sensors, you create a more secure and comfortable environment for your organization and business.
With their 24/7 monitoring power, ambient sensors offer invaluable insight into whatever is happening in your surroundings. This allows you to mitigate risks and stay ahead of potential environmental issues.
One popular and powerful way to utilize ambient sensors is by monitoring the technology within your building. If you have sensitive equipment, ambient sensors can help you prevent it from overheating!
Water Leak Sensors
Using risk mitigation technology to prevent water leaks is often one of the most cost-effective solutions when it comes to protecting your building.
Water leaks cause you to lose more money than you think! As mentioned above, the average water leak costs you over $10,000... but it doesn't stop there.
There are so many hidden costs that we have written TWO different articles completely dedicated to breaking them down:
You may also want to learn more about how to install and use water sensors by watching the video below. We also share a few of our tried and true favorite water leak sensors for protecting commercial and multi-family buildings after this video!
Droplet Solo™ water leak sensors
The Droplet Solo™ by Perceptive Things® are wireless leak sensors that can be installed on the ground under mechanical equipment, appliances, and fixtures.
These industrial-grade IP-rated water leak detectors are the easiest to install. Fun fact: The Droplet Solor™ is our easiest to install! Simply drop it in your building and start detecting water leaks.
Droplet Duo™ water leak sensors
The Droplet Duo™ by Perceptive Things® features two probes, each with a separate wireless alerting system. It is two leak detectors in one!
This water leak detector comes pre-configured for your building, making it straightforward to install or mount. Moreover, the body of these sensors and probes features 3M adhesive pads for a secure fit on surfaces.
Droplet Pro™ water leak sensors
The Droplet Pro™ by Perceptive Things® is an industrial-grade water leak detector. It has a 3-meter rope to detect moisture and water leaks along its entire length.
Its body includes internal magnets, allowing you to mount Droplet Pro™ on iron surfaces, such as beams and mechanical equipment.
Asset Security Sensors
You most likely have a wide variety of essential assets in your building. If you have many people using expensive equipment or moving safety items, then you might want to have greater visibility into when things have been moved.
We've heard tons of stories related to missing assets! From fire extinguishers to misplaced cleaning carts, it can help to simply place a sensor that can take care of your assets when no one is looking.
Motiv™ motion sensors
The Motiv™ by Perceptive Things® are wireless equipment motion trackers. They can be installed on any equipment and alert you when that equipment is moved or vibrates for a longer period than a configurable duration.
You can use Motiv™ to track cart usage and equipment, such as fire extinguishers when they are moved from their originally installed locations.
Final Thoughts on Risk Mitigation Technology
We hope this article has helped you gain a better understanding of risk mitigation technology!
By creating your unique system of sensors, you can track all of your key areas of concern in your buildings. With the unique benefit of 24/7 monitoring, risk mitigation technology can go a long way towards giving you peace of mind.
If you are interested in exploring our risk mitigation technology, please feel free to contact our experts at email@example.com!
What is your experience with risk mitigation technology? We would love to hear from you via the comments section!