According to the Congressional Budget Office, hurricane and tropical storm damages account for approximately $9 billion in losses to commercial businesses each year.
About 2.4 million businesses are in areas most vulnerable to hurricanes.
According to Floodsmart.gov, at least 25% of businesses close after a flood and never reopen. In addition, the average business flood claim was nearly $89,000 (from 2010 to 2014). Can you afford not to purchase this type of coverage for your business?
Before a Hurricane Is Predicted
- Develop a business continuity plan.
- Designate employee roles.
- Develop a written plan (i.e., measures to preserve life and property).
- Practice the plan.
- Establish communication procedures.
- Determine and stock necessary supplies.
- Review your policy for coverage gaps.
For coastal organizations in particular, flash flooding can devastate a business and make it challenging to recover if you don’t have an adequate insurance policy. A general policy does not cover flood damage. Not to be confused with water damage caused by plumbing or an A/C leak, etc., flood damage is caused by natural sources. This is one of the biggest misunderstandings about general property policies and flood protection. Learn more about business flood insurance today.
After a Hurricane Is Predicted
- Take pictures of the facility for documentation purposes.
- Secure yard storage, machinery, and equipment.
- Inspect, repair, and clear all roof drains.
- Board up windows and doors.
- Place sandbags outside any opening to the building.
- Test emergency generators.
- Elevate important business property within the building in case of flooding
During the Storm (If it’s determined it is safe to stay on-site)
- Watch for roof leaks, pipe breakage, fire, or structural damage, and make repairs as necessary.
- Check the sprinkler water pressure and watch for loss of pressure.
- Turn off electrical switches if a power outage occurs to avoid reactivation before necessary checks are completed.
After the Storm
- Perform a status check on employees.
- Hire professionals to survey for safety hazards, including live wires, gas leaks and damage to foundations or underground piping.
- Take photographs of the damage.
- Start repairs.
- Contact your insurance agent or carrier(s).
Be a Resource For Your Employees
Employees play a major role in the success of your business, but sometimes they don’t always look out for themselves. The best time to prepare for a natural disaster is long before one arrives, so it’s smart to include hurricane education as part of a regular training program, especially if you have a lot of transient workers who have never experienced a storm before.
Protect Important Documents
Both you and your employees have important documents that must always stay safe. Unfortunately, hurricanes don’t cooperate. In coastal states, it’s good to invest in document storage that can protect both business and personal documents from the elements, like a fireproof and waterproof safe.
Hurricane Health Insurance Preparedness
Many people neglect a vital step in their emergency planning— reviewing their health coverage. Make sure your employees get the care and coverage they need, share these steps for before, during, and after storms.
Whether your company has 10 employees or over 1,000, we have the technology and resources to serve you and your workforce – both at a local and national level. Learn more about our employee benefits solutions.