21 Jul How to Make Your Business Disaster-ready
There are times in life when we are faced with incidents that we cannot control, and they affect us gravely in more ways than one. However, just because we are unable to control certain occurrences does not mean we cannot be prepared to handle those events.
For your business to survive a disaster, whether it is a storm, flood, earthquake, etc., you must take steps to prepare before the disaster strikes. The first and most important one is to get your business insured so it will be easier for you financially to get back on your feet after a loss or damage without having to fund the expenses out of your personal savings. Once you have that safety net in place, consider the following steps to help make your business more disaster-ready.
Preparing Your Business for Survival During a Disaster
Proper preparation can make a world of difference during a disaster. Here are a few ways to help set your business up for success in the event of a disaster.
- Business Continuity Plan: By generating a business continuity plan, you are preparing for recovery after the initial response to an emergency occurrence. This plan should be shared with your employees and any business partners. Assign each person responsibilities and conduct training in the workplace so everyone can be on the same page when disaster strikes. You can also conduct occasional drills for response assessment and improvement.
- Offsite Access to Business Information: If for some reason you are unable to access your business location for a while, you must maintain access to your critical business information. This can be achieved by keeping a copy of important files offsite or in a virtual environment. This includes information like your insurance policy, banking information, phone numbers of employees, business contact information for key customers, vendors, and suppliers, and others. Your backup site should not be in the same location as your business in case the area experiences a disaster.
- Business Inventory: Make sure you create a business inventory. Have a detailed and current list of all your business-related tools, equipment, supplies, and merchandise recorded in one place. Do not forget to include information on commercial vehicles, if you have any.
- Review Insurance Coverage: Do not wait until disaster strikes before reviewing your insurance coverage. Some policies offer both actual cash value coverage and replacement cost coverage, while others offer either of the two. If you have the choice, it may serve you well to get replacement cost coverage which will give you a chance to rebuild your business in the event of a disaster. Also, if your business building is rented or leased, getting tenant coverage will offer insurance for your on-premises property like machinery, furniture, and merchandise. Lastly, you should consider getting flood insurance since floods are not covered by standard commercial insurance policies.
For more information on how to prepare your business for disasters, contact the insurance experts at Kevin Dougherty Insurance. We have the knowledge and expertise to help you choose the right insurance coverage to ensure your business is ready! Take the time to make the call today!