Business owners and residents in the US have faced some tough challenges in recent years, with multiple natural disasters causing chaos around the country. From hurricanes to floods, natural disasters can cause significant damage to local communities and the businesses that operate in them.
In the face of the chaos that natural disasters can cause, it’s important for businesses to be prepared for severe weather and think of safety and recovery as key priorities. The on-going damage caused by natural disasters puts a heavy toll on insurance claims – a essential finance that many businesses rely on to get them back on their feet.
Damage to local businesses during natural disasters can affect the whole community. Many residents rely on local businesses for their livelihood, and they play an integral part in the strength of the community as a whole.
Businesses that don’t have plans to deal with an unexpected crisis or adequate insurance cover, may never recover from a natural disaster. In fact, around 25% never open their doors again after a natural disaster, according to statistics from the Institute for Business and Home Safety.
With one out of every three businesses being affected by natural disasters to some capacity, according to statistics from Business Insider, it’s incredibly important to make sure that your business insurance is up to scratch.
Worried about what a natural disaster could mean for your business? Here’s are three of our best tips for ensuring that your business is safe from the chaos caused by natural disasters:
Get the Right Insurance for Your Business
In the event of a natural disaster, insurance will be a key financial safety net that you need to get back on your feet – but only if that insurance is right. There are multiple different insurance policies to choose from, and it’s essential to make sure that they cover natural calamity. There are two insurance types that you should consider:
- Property Insurance – covers you in the event of property or equipment damages. Policies can be customized to include cover for different natural disasters, such as flooding.
- Business Interruption Coverage – covers you in the event of lost income due to business interruption. Solutions should be discussed with an insurance specialist to tailor a plan that suits your business.
Keep Up-To-Date with Your Insurance
The risks that your business could face may change over time, so it’s important to make sure that your insurance changes with it. Staying up-to-date with your insurance means knowing what you’re covered for and what you’re not, and making sure that your insurance accounts for emergencies.
Understanding where your business stands with insurance, what you’ll receive and what you won’t, will help you to prepare for the worst-case scenario and ensure that your business is protected.
Create a Disaster Plan
A disaster plan is vital for helping your business to prepare for the unexpected. Key things to consider in your plan, include:
- Create and practice a plan for evacuation
- Choose a person to contact everyone in the event of a disaster
- Develop a plan to notify customers
- Invest in back-up software to protect sensitive information
- Select a potential office back-up location
- Design a plan to prepare office spaces if there is time, such as unplugging electronics and moving equipment=
If you’re concerned about the safety of your business and whether your insurance is providing suitable cover, then make sure that you contact us today and keep your business safe.