When you’re in business, having the right insurance coverage is essential. If a natural disaster hits your area and causes damage to your property or business assets, your financial security could be at risk.
You should always have a plan.
Compass Insurance recommends having a business continuity plan as the first step in preparing for any emergency.
Your plan should include the following:
- An assessment of how to deal with the disruption and its financial impact on the organization.
- A procedure for communicating with employees, customers, vendors, and other stakeholders after an emergency. This includes providing information about how they can obtain assistance (such as temporary offices).
- A strategy for data backup procedures that protect systems from damage during disasters and ensure minimal downtime after one occurs; also consider investing in mobile technology, so it’s easier to access your files when needed!
- A disaster recovery plan outlines how much time will be lost due to its effects on operations – this way, there won’t be any surprises later down the road when work starts up again.
Know what your insurance covers.
Secondly, knowing your commercial insurance policy covers is key to your Centennial, CO business’s survival. Ensure you are covered for any additional costs outside your business liability. Many companies overlook how their expenses will change after experiencing a natural disaster. For example, utility providers unable to restore services immediately due to downed power lines and poles due to strong winds may pass those charges on to businesses. Or you may need a temporary location while service is restored.
In the End
If you aren’t sure what your policy covers, one of our business insurance specialists at Compass Insurance will be happy to review your current coverage to ensure your business is protected should a natural disaster strike Centennial, CO.