About
Foundational Principles In the Community Diversity, Equity & Inclusion Technical Excellence Alumni TIAG Membership
Careers
Why Cohen & Company Our Culture Total Rewards & Benefits Intern & Entry Level Opportunities Experienced Opportunities
Contact
Akron, OH Baltimore, MD Chicago, IL Cleveland, OH Detroit, MI Milwaukee, WI New York, NY Philadelphia, PA Pittsburgh, PA St. Clair Shores, MI Youngstown, OH
Client Portal
Services Industries Knowledge Center People

About Our Services

We offer tailored solutions — whether private company or owner; public or private fund, adviser or fund service provider; or Fortune 1000 enterprise. Learn how we can help you.

Learn More

Assurance Services

Employee Benefit Plan Audits Internal Controls Investment Company Audits Private Company Audits SOC Readiness & Compliance

Tax Services

Federal Tax Planning & Compliance High Net Worth & Wealth Transfer International Filings & Structuring Investment Company Tax State & Local Tax Tax Credits & Incentives Transaction Tax Planning

Advisory Services

Business Valuations Data & Insights Digital Finance Solutions IT Strategy & Implementation M&A Advisory Outsourced Accounting Solutions Risk Assurance & Advisory Transaction Services Turnaround & Restructuring

Our Industry Expertise

Our industry experience means you can find professionals who speak your language and bring earned insights to the table. Learn how we can help you.

Learn More

Key Industries

Digital Assets Investment Companies Manufacturing Private Companies Private Equity Real Estate & Construction Technology & Life Science
VIEW THE COMPLETE LIST

Knowledge Center

Our team wants to help your team stay up to date. Browse our thought leadership, events and news for insights and a point of view on business-critical topics.

Learn More

Insights

Browse valuable articles and publications our experts have written to help you and your organization answer key questions — and consider new ones.

Read Our Insights

Events

Join us in person and online for events that address timely topics and key business considerations.

Explore Our Events

News

Find out what is happening at Cohen & Company, from industry recognitions and growth updates, to where we are contributing to important media stories.

Read Our News
People
Foundational Principles In the Community Diversity, Equity & Inclusion Technical Excellence Alumni TIAG Membership
Why Cohen & Company Our Culture Total Rewards & Benefits Intern & Entry Level Opportunities Experienced Opportunities
Akron, OH Baltimore, MD Chicago, IL Cleveland, OH Detroit, MI Milwaukee, WI New York, NY Philadelphia, PA Pittsburgh, PA St. Clair Shores, MI Youngstown, OH
Client Portal
Back to Insights

Is Your Property Ready for an Emergency?

November 30, 2016 Real Estate & Construction

If you’re a property manager, you have a lot on your mind, just dealing with the daily minutiae that never seem to let up. But you also have to think about the bigger challenges that lurk out there — natural disasters, terrorism and other emergencies, such as the loss of heat in the dead of winter, a gas leak or flooding. You can take some steps now to minimize the fallout for both you and your tenants.

It Takes a Village

Don’t wait until an emergency strikes to think about how best to respond. Instead, identify and prioritize your risks now. This requires consulting with a variety of sources.
 
Start by talking to your tenants to discover any particular risks associated with their general operations. Check in on tenants on a regular basis so that you can stay on top of situational risks, such as the recent termination of a hotheaded employee or an employee who has taken out a protective order against another person.
 
Try to learn about the tenants and businesses in neighboring buildings, too — not just to identify potential risks but also to share information and coordinate emergency response if needed. Your insurer can provide valuable input, as well, based on its past experience with similar customers.

Finally, establish a relationship with your local first responders. Get their advice on how to prepare for emergencies and ask them to review your emergency response plans.

Get a Game Plan

Among other things, first responders can help you run through drills to assess how your plans would work in a real-life emergency. Ask them to attend regular meetings with your internal response team where staff is put in a position of making decisions and implementing plans under pressure. In addition to identifying gaps and failure points, doing so will help your team and the first responders get to know each other and familiarize responders with the building, which should make for a smoother response in an actual emergency.
 
Have tenants participate, both to educate them on their roles and to assure them that you’re on top of emergency planning. You might even want to involve vendors to determine whether they’d be able to provide the resources you need postemergency, such as repairs, cleanup and technological services. Make sure you have the necessary support lined up ahead of time, or you could be in for a long wait.

Be Prepared

Maybe you’ve been lucky up to this point and have never experienced an emergency, but you can’t let your good fortune thus far lull you into complacency. It’s important to work with your financial team to identify and quantify risks, make sure your insurance coverage is adequate, and think through your risks and plan accordingly.
 
Contact Lisa Metzinger at lmetzinger@cohencpa.com for more information.
 
Cohen & Company is not rendering legal, accounting or other professional advice. Any action taken based on information in this blog should be taken only after a detailed review of the specific facts and circumstances.

Sign Up for Our Emails & Events

Receive insights from our specialists in a variety of areas and timely information on upcoming events directly to your inbox as they go live in our online Knowledge Center.

Subscribe Today
Subscribe to our newsletter
About Contact Submit RFP Privacy Policy
LinkedIn Twitter Facebook
© 2023 Cohen & Company