Any insurance professional will stress the importance of a good business policy that includes wind and hail coverage as well as flood coverage in relation to protecting your business from the elements. A good example is the fact that many of those affected by the current hurricanes do not even have flood insurance.
We will not go into the implications of recovering damages and losses with respect to this unfortunate set of circumstances. Suffice to say, in the wake of the destruction, these home and business owners are left to deal with the financial stress on their own, except for whatever government help they can get.
In addition to having a proper insurance plan in place, businesses can prepare for worst-case weather scenarios by doing the following.
Review the impact study of your company:
• Make an account of the type of losses you may incur.
• Consider the amount of risk loss and the probability of severity that may affect your business.
• Review your business process flow schedule: If one part of your business becomes unfeasible, assign another unit to take over.
• Choose which operations are vital to continued survival and recovery.
• Ensure that all sales and customer base records, as well as tax data and documents, are stored in a secure off-site location.
• Assign others to assume executive direction if those on site are unable to carry out their duties.
Partner with other companies
• Have vendors ready to outsource services in the event of a hurricane disaster.
• Flag important vendors and business partners and store this information in an offsite location accessible to multiple employees.
Make alternate plans for your facility
• Consider using other locations in case your main office becomes inaccessible or inoperable.
• Security plan for people and property.
Ensure payroll efficiency
• If relevant, make sure the vendors you will be dealing with understand how to proceed with payroll.
• Partner with your vendors to ensure employee information is stored securely in an offsite location.
Team up with other operations
• Group with other corporations at your construction site to prepare for continued business in a weather-induced crisis.
• Communicate with emergency personnel and power companies to show them how your operations are carried out.
• Make a plan with your suppliers, carriers, and others you trust so you know what to do in an emergency.
Stay up to date with your protection plans
• Review your plans on how to deal with an emergency situation annually. Please review them if you think changes are necessary.
• Conduct consistent emergency drills.
Risk control is part of the policyholder benefits of any major insurance company. Contact an independent agency that does business directly with many of the major suppliers to learn more about how your business can protect itself from a hurricane or other natural disaster.