Many business owners are caught off-guard when a natural disaster strikes. Their main fault is to device a disaster plan ahead of time before these unfortunate events happen.
If you own a business, you should expect the unexpected. It is hard to predict when a natural disaster will strike so having a game plan can be a big help. A percentage of businesses failed to reoperate after a natural disaster. Others tried recuperating but soon failed after a year or two.
By taking precautionary measures, businesses have a higher chance of saving their business after a disaster scenario. The good news is that there are some ways businesses can do to resume their business operations.
Formulating a Continuity Plan for the Business
One factor for survival is knowing the precautions to take before, during, and after the natural disaster takes place. It is of utmost importance to discuss the continuity plan with your entire team to ensure that everyone will have a heads up on what to expect.
Assign different tasks to each member of the team. Make sure that they understand the operational and process of the businesses. There should be someone from the team who also knows all the pieces and the time frame to execute the continuity plan to keep the business running.
On another note, one of the smartest move you can do is to know If your clients and suppliers were also affected by the disaster. In this way, you can gauge if that will have a significant impact on your business or not.
Maintenance of Relevant Information and Records
It is critical to have easy access to all the vital offsite records and information of the company to keep it running and operating after a natural disaster. The aim is to continue the operations as soon as possible.
Computer files and data, especially bank accounts should be kept and backed up. Insurance policies are also part of the records and data that should be kept intact in case of an offset of these inevitable events.
Cloud storage backup plays a vital role in storing tremendous amount of data and records of the company. Key people in the business should have a direct access to it in case of emergencies and for retrieval purposes as well.
Keep the Business Insurance on Hand
Make a thorough assessment of the business insurance before a natural disaster occurs. It is easier to make decisions and revisions when you’re not yet in the crisis mode. It is recommended to review it together with some key people in the business to determine which should be included or omitted.
As a business owner, you should assess what kind of insurance you need for their business. Generally, there are two types of business insurance. You can either get the Business Owner policy or the Commercial Multi-Peril policy which is a combination of several comprehensive coverages.
Don’t have your own business insurance yet? Avail now and keep your business protected from natural disasters. It’s better to be ready before it’s too late. At First Iowa Insurance Agency, Inc., our mission is to ensure that we protect are clients and offer them policies that they can afford. Learn more about our products and services by calling our agency at (319) 393-5262. You can also request for a free quote by CLICKING HERE.