Forty percent of businesses never reopen after a disaster, according to the Federal Emergency Management Agency. Implementing steps to prepare for a disaster can help reduce loss in a business. It’s recommended that every organization have a plan in place to minimize business interruptions.
Steps to Minimize Business Interruptions
Identify the risks that are inherent to your business
Consider strategic risks, operations risks, financial concerns, and environmental hazards that pose an immediate threat to the business. Rank them in order by the likelihood of occurrence as well as the level of severity. This allows business owners to further understand each unique risk and how it can negatively impact their business.
Create a plan
Address how customers, employees, and the community will be impacted by the crisis. Understand how long the business will be unable to operate and what plans should be implemented. A detailed crisis management plan can help businesses get back on their feet after a disaster.
Understand business insurance coverage
Every business owner needs to thoroughly understand what their insurance covers and how it will step in to help in the event of a disaster. Working with a qualified agent helps business owners to spot gaps in coverage and fill them in with sufficient coverage. The right insurance coverage helps businesses survive disasters.
ABOUT RMS Insurance Brokerage, LLC
At RMS Insurance Brokerage, LLC, our expertly crafted policies are written specifically for the hospitality industry. We offer custom-tailored solutions to meet any venue’s specific needs. For more information, contact our knowledgeable experts today at (516) 742-8585.