With hurricane season just around the corner (June 1st- November 30th), now is the perfect time for you to begin preparing your business for a natural disaster. You may have been there before, scrambling to get ready at the last minute. Putting up shutters, waiting in long lines at the gas station, buying all the bottled water on the shelf, just to name a few of the hassles that we go through in order to get prepared for a storm. However, preparing your house and family for a hurricane, and preparing your business are two completely different processes.
Some of the obvious preparations are protecting your property or building, having the necessary shutters, proper roofing, trimmed trees, removing or securing anything that can be a projectile in high winds, placing sandbags in areas that are susceptible to flooding, etc. Yet, preparing a business goes much deeper than just handling the outdoor items, and locking everything down.
Prior to the start of hurricane season we suggest taking pictures of your property and building. In the event your business sustains damage and you need to make a claim, it may make the process easier. Pictures help keep our memory fresh, and offer proof of damage that may have occurred during the storm.
Hurricanes can easily shut down business for a couple of weeks, with loss of electricity, road closures, and flooding. Your employees may not be able to come to work for weeks. Even worse, your entire business may be shut down until repairs are done and everyday life gets back to normal. If your company is unable to make money for a period of time, does it have enough money in the reserves to continue paying employees? It’s a good idea to have the ability to pay your employees without 2 weeks’ worth of revenue.
Paperless Record Keeping
Many times hurricanes bring record breaking winds, and sometimes over a foot of rainfall. Both of which can easily ruin any paperwork you might have stashed around your office, warehouse, building, etc. To cover yourself, keep a digital copy of all important documents.
After making digital copies of all important records and documents, make more copies to store at an accessible, off site location. Store your licenses, contracts, operational records, proof of ownership, and of course any insurance paperwork. Also, try to keep them stored somewhere that is not in the path of the storm.
It is very important for business owners to understand their insurance policies, before a storm shows up on the radar. We recommend that you review your policy annually, and make sure that your policy still fits your needs. For example, your company could have grown over the last year, and now you may need coverage for areas that you didn’t need coverage for last year, such as new equipment or updated property. Also, if you have property that is covered, you can purchase “Business Interruption” which can cover the loss of income you may experience while your business is shut down.
Be prepared this hurricane season by performing all of these tasks before a hurricane is heading your way. Hopefully this will be a light season, but better to be safe than sorry. If you own a business, and are looking for protection and would like more information on what you do to prepare your business for a hurricane, MHG Insurance Brokers would be happy to assist you. Also, if you are looking to purchase business insurance such as General Liability or Professional Liability, our insurance specialists have the experience to assist your business and offer advice in finding the perfect plan to fit all of your needs. Contact MHG Insurance Brokers today at +1 954-828-1819 or visit us online at mhginsurance.com.