3 Essential Components in Your Library’s Risk Management Plan

Managing a library comes with a number of potential threats to the library’s survival. Determining those risks and devising a plan to avoid them is critical for any library hoping to achieve long-term success. While each plan should tailor to the unique needs of your library and surrounding community, make sure to include these measures in your library’s risk management plan.

1. Assess Common Risks

While risks vary from library to library, pinpointing the most common threats is the best way to keep them from ever coming to fruition. One library risk assessment example includes monitoring potential hazards such as natural disasters, fires, and water leaks, which can devastate unsuspecting library facilities.

2. Maintain Inventory, Property, and Equipment

As is the case in almost any situation, the best cure is prevention. Including regular maintenance of the library’s facilities, inventory, and equipment in your risk assessment and management plan can keep potential issues at bay.

3. Explore Available Insurance Policies

No matter how much care you’ve taken to avoid them, accidents still happen. Having comprehensive insurance coverage ensures that you can recover from accidents that might otherwise prove irreparable. Consider exploring additional policies that are specific to your needs, as they can cover the gaps in traditional insurance coverage

Developing a strategic library risk management plan is crucial for any library hoping to stand the test of time. A simple but effective plan offers peace of mind to those who manage libraries and, perhaps more importantly, to the countless communities that rely on them.