Businesses must know the steps to take to recover after a hurricane and implement measures to stay afloat. When Hurricane Sandy hit in 2012, sources reported that the storm devastated up to 100,000 small businesses. Indeed, many of these businesses had to deal with destroyed storefronts and a devastated community. The financial losses that the hurricane caused only exacerbated the crisis. Many business owners found relief in their business interruption insurance coverage, but those who didn’t have coverage had to reckon with thousands of dollars in lost revenue. Sandy offers several vital lessons on how businesses can recover after a hurricane — including the following four tips.
Learn What Your Business Interruption Insurance Covers
You might wonder whether or not your insurance would cover damages if a hurricane occurred. A standard business insurance policy may offer some coverage, but you need to determine whether your policy indeed includes coverage in the event of interrupted revenue. In most cases, a business interruption service is an additional form of coverage that is not automatically in a business insurance policy. If your business is in an area vulnerable to hurricanes, you should research options for securing additional coverage.
Get Emergency Responders on the Scene
When a hurricane hits your business, it’s vital to enlist help from the appropriate authorities. You should always follow evacuation orders and avoid staying at your business if no basement is available to take shelter. If you end up stranded at your business in the midst of a hurricane, you should call emergency services. You must also call emergency services for assistance in dealing with the aftermath. Floodwaters from a hurricane can contain pathogens and other hazards, so it’s essential to allow professionals to navigate the scene.
Communicate With Customers and Stakeholders
Even a minor hurricane can interrupt your business for an extended period. If this happens, you should inform your customers as soon as possible that your business is not open while you recover. Let stakeholders such as investors know, too, so everybody is in the loop. Keeping people informed is vital to ensuring they resume patronizing your business as soon as you can reopen.
Invest in Business Interruption Service
Natural disasters don’t discriminate when they tear through a town. Homes, businesses, and people can all become victims of a storm. Invest in business interruption insurance if your business could be in a hurricane’s path. This form of insurance covers the financial losses your business may sustain in a hurricane or another unexpected event. Having this type of coverage will make it easier to resume operations, continue paying staff, and recover quickly if a hurricane does indeed occur.
About Provident Protection
For more than 65 years, Provident Protection Plus
has served the businesses and residents across several states nationwide. Today, we are a wholly-owned subsidiary of Provident Bank, the region’s premier banking institution. To learn more about our coverage options, contact
our specialists today at (888) 990-0526.