Any insurance professional will stress the importance of a good commercial policy that includes wind and hail as well as flood coverage in relation to protecting your business from the elements. Case in point is the fact that many stricken by current hurricanes do not even own flood insurance.
We won’t get into the implications of damages and losses recovery in regard to this unfortunate set of circumstances. Suffice it to say, in wake of the destruction, these home and business owners have to deal with the financial stress on their own, save for whatever government assistance they can get.
Besides having a proper insurance plan in place, businesses can prepare for the worst weather scenarios by doing the following.
Review your company’s impact study:
• Make a tally of what type of losses you may incur.
• Consider the amount of risk loss and severity probability that may impact your business.
• Look over your business process flow agenda: Should one portion of your company become unworkable, assign another unit to take over.
• Choose which operations are vital for continued survival and recovery.
• Ensure all records of sales and customer-base, as well as tax data and documents are stored in a secure off-site location.
• Assign others to take over executive management if those in place are not able to carry out duties.
Partner with Other Businesses
• Have vendors ready to outsource services in case of a hurricane disaster.
• Mark down important vendor and business partners and store this info in an off-site multiple employee-accessible location.
Make Alternate Plans for your Facility
• Contemplate the use of other locations in the event your main office is rendered inaccessible or inoperable.
• Plan for security of people and property.
Ensure Payroll Efficiency
• If it is pertinent, ensure the vendors you will deal with understand how to continue with payroll.
• Partner with your vendors to ensure employee info is stored securely in an off-site location.
Team up with Other Operations
• Group together with other corporations at your building site to prepare for continued business in a weather-induced crisis.
• Reach out to emergency personnel and power companies to show them how you operations are conducted.
• Devise a plan together with your suppliers, shippers and others you rely on so that you will know how to carry on in the event of an emergency.
Keep Up with Your Protection Plans
• Review your plans on how to deal with an emergency situation yearly. Revise them if you feel changes need to be made.
• Conduct consistent emergency drills.
Risk control is part of any major insurance company’s policyholder’s benefits. Contact an independent agency that does direct business with many of the leading providers for more information on how your company can protect itself from a hurricane or other natural disaster.
