Consider what you can do now to avoid injuries to people and prevent unnecessary damage to your commercial property and business.
Restoring a business to normal operations after a catastrophic weather event is never simple. However, taking the time to plan for an emergency, communicating the plan throughout the organization and with business partners, and making sure the right insurance coverages are in place can make the process easier.
CREATE OR REFRESH YOUR BUSINESS CONTINUITY PLAN
Make sure your organization understands how it will continue to do business with as little downtime as necessary in the event of catastrophic weather. The Ready Business Hurricane Toolkit is a useful tool for planning how you will take care of employees, customers and your business. Download it here.
REVIEW YOUR INSURANCE COVERAGES
Discuss your insurance program with your broker or carrier before catastrophic weather is imminent. Evaluate the coverages you have in place to understand how your policy will respond if your property is damaged or your ability to conduct business is impaired. Ask about coverage for things such as “ordinance or law” compliance and flood damage. Read Understanding Your Business Insurance Before the Storm Strikes to learn more.
Be aware that losses due to flooding are not included in most property insurance policies. Flood coverage must be purchased separately and generally does not take effect for 30 days. Additionally, as water levels rise and storms become stronger, flood risks are changing. Learn more about that here.
Finally, consider acting on these five tips now to make managing a business insurance claim easier after a weather-related catastrophe.
KNOW WHERE TO GET HELP
If your insured business property is damaged and you need assistance filing a claim, please contact your Hylant service team member. If you prefer, you can contact your carrier directly to submit a claim. As reference, here are the phone numbers for many of the major carriers:
Liberty Mutual: 844-325-2467
Tokio Marine: 877-567-7486
Finally, we strongly encourage you to use reputable, well-known contractors in your area for repairs. Your Hylant team member or insurance provider can give you the names of trusted companies. It’s best to have a plan in place with restoration companies before you need to use them. Make sure they will have the bandwidth to help you in an emergency.