Businesses Bounce back after a Natural Disaster: Half are unable to make a comeback
After a natural disaster, half of businesses are unable to re-open due to tremendous amounts of damage. The better a business can prepare for a natural disaster, the better chance they have at minimizing the adverse effects. Having the appropriate insurance coverage and a disaster plan ready can make or break the future of an organization if a natural disaster occurs.
When an organization creates a disaster recovery plan, they must focus on IT services that support the business, have contingency plans, emergency mode operations and recovery procedures in place. For example, during a storm; if your business computer system shuts down, the speed and ease of your company’s day to day operations will be compromised. Half of companies in the past that have experienced major computer issues have been forced to close within five years.
Making sure your business has the proper insurance coverage is one of the most important preventative measures you can take. Having the correct insurance coverage ensures a business can “weather the storm” and bounce back after damage has been done. Be sure to check the insurance policies for sub limits; this is where an organization can have coverage, but where only a portion of the coverage would cover a specific event, for example a flood.
Double check with an insurance representative that has knowledge with coverage issues, as well as dealing with a business interruption caused by a natural disaster. This ensures your organization has the most appropriate insurance coverage. Be proactive in the event a natural disaster was to affect your business.