Hurricane damage poses a major threat to everyone in a storm's path, but for small business owners, a hurricane can spell destruction. Since April, there have already been two weather and climate events where losses exceeded $1 billion each.
Many business owners can't afford to rebuild and reinvest after their business is destroyed, leading to a high likelihood of permanent closure. To help them prepare for the threat of a hurricane, share these tips with small business owners:
Understand your risk profile. Hurricanes pose the greatest threat in the southern half of the Atlantic Coast, as well as the Gulf Coast region. However, businesses further north and in Midwestern states also need to be aware that they can be impacted by storm damage and flooding as hurricanes move inland.
Having your risk assessed by an insurance professional can be beneficial in ensuring you have the proper insurance coverage for your business.
Fortify your business. Business fortification goes beyond physical risk management. For companies in NFIP flood zones other than B, C or X, take the time to find out if your community participates in the NFIP, a federal safeguard that provides affordable access to flood insurance for homes and businesses in vulnerable areas.
Flood insurance is a great way to protect your business in the event of a hurricane. Selective offers flood insurance for business and personal property and contents.
Assemble a contingency plan. Copy and protect important documents like business contracts, legal papers and the lease or deed for the land on which your business is located. When a hurricane threatens your equipment and other capital, you'll need to have key documents available offsite.
Also, instruct employees on their roles in advance of a hurricane, including response protocol. If your business is destroyed by a hurricane, you'll need to have a plan in place with a designated location to continue your operations as fast as possible to avoid additional profit loss.
Prepare and protect your property. Review these tips from the National Hurricane Survival Initiative and check out the National Hurricane Survival Initiative's website for additional ways to ready your property for hurricane season.
Big "I" members can follow our endorsed partner Selective on Facebook, Twitter and LinkedIn to stay up to date on information related to flood, and learn more about the Selective/Big "I" Flood program online.