Preparing Your Business for Survival
Having an emergency plan in place is essential to getting back on track following a natural disaster. By Jason Dehart
Preparing Your Business for SurvivalPlan Ahead When Storms are NearBy Jason Dehart
According to the Insurance Information Institute, more than 30 percent of businesses never open again if they’ve been closed by a hurricane, flood or other natural disaster. Having an emergency plan in place is essential to getting back on track. The Institute makes the following suggestions:
- Understand your insurance policy deductibles and limits. Talk with your agent to make sure you know what kind of coverage you have.
- Have sufficient coverage to pay for the indirect costs of the disaster, such as the cost of business disruption, repairs and/or the replacement of the building and its contents.
- Evaluate your property insurance policy and make sure any new improvements are insured. If there are limits to what your policy covers, and if higher amounts of coverage are necessary, talk to your agent.
- Consider flood damage.
- If you’re in a flood zone you should have flood insurance. You may have to buy a separate policy from the National Flood Insurance Program.