Recently, we were deluged with the media coverage from Hurricane Katrina. If you think the media attention, and the extents of the evacuation orders were over the top, your insurance company would respectfully disagree. While some regions of the country expect and prepare for such emergencies, other places face deeper challenges.
If your business is threatened by possible weather risks, where are a few tips:
- Determine how you will protect the building and your equipment.
- Develop a well written and rehearsed contingency plan.
- Protect vital documentations such as tax and financial documents, policies, accounts, and employee files.
- Select key employees that will be responsible in an emergency.
- Ensure electronic information is backed up and safely stored.
Here are some things to think about if you ever have to endure the wake of a disaster:
- Ensure the facility is safe to enter.
- Be sure the electricity is turned off while you check there are no gas leaks or chemical leaks.
- Inspect your equipment to ensure it’s operational.
- Keep track of all your post storm expenses to assist your adjuster to ensure you don’t miss out on valuable reimbursements.
Every year, business owners should re-evaluate their business insurance policies to ensure they’re adequately covered. Catastrophe models, which show properties and risk and the likelihood of danger changed in 2011, becoming more conservative. Always check your property, wind and flood coverage as they are intertwined.
We can never be sure when an emergency will occur, but being prepared for any inevitability will ensure that our life’s work doesn’t go up in smoke. Having an action plan in times of crisis, and having the right people in place to maintain order to direct employees, and assist emergency services will help keep people calm, and eliminate further confusion.
Save some cash because if you’re unfortunate to have to live through a natural disaster, you’ll definitely need some funds to help sustain you. This is why it’s so important to have three to six months in a liquid account so you have money for added expenses. Keep all receipts of lodging, food and other living expenses to speed up your insurance claim. Lastly have some cash on hand because you may have a hard time finding a working ATM machine if there is a power outage or flooding.
Thinking that disasters only happen to other people in other places is a fool’s game. Every entrepreneur takes a risk when venturing into business for themselves, but there is no need to gamble with that investment. Take the time to prepare for any eventuality, and you can be sure that when a catastrophe happens, you are best prepared to recover.