4 Ways to Minimize Business Interruption Claims
Below Are Five Ways To Ensure Your Business Is Ready For Anything
For any business in Brunswick, ME, business interruption insurance is vital for navigating an unexpected event that requires temporarily closing down. If a broken pipe creates extensive flooding, most policies will help cover lost income, mortgage or rent payments, taxes, payroll and other potential expenses. While no one can eliminate overwhelming events from happening, being prepared provides a better chance at getting back up on your feet faster.
1. Research Potential Risks
Understanding the highest risks your business may face is essential. Identifying and categorizing them on what may be preventable and what may not is essential. While weather-related risks may be unavoidable, knowing flood or storm risks makes it easier to set up mitigation measures to minimize losses.
2. Know the Cost
After the risks are identified and ranked, their potential impact should be calculated. Each item that is listed should be broken down to include the impact of lost income, added expenses, potential fines or penalties, and how it will delay business.
3. Minimize Hazards
Once potential hazards are known, the easier it is to determine ways to prevent, deter or mitigate them from happening. If flooding is a high risk, mitigation may be mean prepping the business with sandbags or other measures.
4. Create a Plan
A plan of action and communication plan are needed to ensure proper steps are taken and everyone is aware of what needs to happen in a loss situation. From safety and evacuation protocols to properly securing data offsite and communicating downtime to customers, having these elements already established is essential for a swifter recovery.
If flooding causes large water damage, the aftermath can be overwhelming. Being prepared and planning for anything can provide peace of mind while the water damage and restoration experts get your business back to “Like it never even happened.”