Natural disasters happen every year all over the world. While you may be prepared to handle damage that occurs to your home in the case of a flood or tornado, the amount of things you must be prepared for, doubles should you be a business owner. In fact, nearly 40% of businesses do not reopen after a natural disaster strikes. That is a scary statistic! In order to guarantee that you will be a part of the 60% that does continue to serve the public, you need to be prepared. Follow the steps below to ensure that your business will persevere in the case of a natural disaster.
Make a Business Continuity Plan
In order to prepare for and survive a major catastrophe, you will need to have a business continuity plan developed. This plan can be shared with your employees as it outlines who will be in charge of certain responsibilities should disaster strike. This will make it much easier for your business to get back on its feet if a natural disaster occurs.
Have Important Documents Offsite
You can be as prepared as you like, but if all of your preparation materials are being stored in your commercial space when a disaster occurs, it isn’t going to do you much good. Make sure you have either the originals or copies of vital documents that you would not want anything to happen to. This can save you from major issues should your business experience damage.
Know Your Inventory
Be sure to know everything you have in your business. This means everything from inventory you are selling, to office equipment you use on a daily basis. Also, do not forget about your commercial vehicles, as they too can become damaged should your area be hit by a disaster.
Be Familiar With Your Insurance Policy
You will want to know your current insurance policy like the back of your hand before disaster ever strikes. Knowing what will and will not be covered when you file a claim will save you from a lot of headaches, as well as encourage you to up your coverage. You likely have either a Business Owner Policy/ BOP which combines property and liability coverage in one policy or a Commercial Multi-peril(CMP) policy which combines commercial property, liability,inland marine and commercial auto in one. Either way, you need to know what your policy means for your business.
ALWAYS Have Flood Insurance
In case you weren’t aware, flooding is probably not covered by your insurance policy as it is not covered by the majority of commercial insurance policies. Unfortunately, flooding is the most common misfortune that businesses experience as nearly every natural disaster can result in flooding. If your business is not yet covered for flooding, do not wait another minute to purchase a policy. Better Flood Insurance can protect your business from becoming obsolete should it flood due to a natural disaster. Call us today and let us tell you about our coverage and offer you a quote for your business.