Insurance Tips for Storm-Proofing Your Business

Severe weather is part of doing business in North Carolina, where hurricanes, intense storms and sudden shifts in conditions are common. Because one event can disrupt operations and cause costly damage, business owners are advised to carry adequate business insurance and put in place risk management strategies before disaster strikes.

Assess Your Risks and Review Your Coverage

Every business faces unique risks based on location, industry and building type. You may start by evaluating your property and operations for vulnerabilities to wind, water and power outages. Review your current business insurance policies to make sure you have adequate financial protection for:

• Property damage—Policies often include coverage for your building, equipment, inventory and other physical assets from losses caused by certain natural disasters.
• Business interruption—Check if you’re covered for lost income if you must temporarily close due to a covered event.
• Flood—Standard policies often exclude flood damage, so coverage typically requires a separate policy.
• Equipment breakdown—Since commercial property insurance does not automatically include this coverage, you may opt to add this to help manage losses from electrical or mechanical failures of equipment.
• Extra expenses—Consider adding this coverage to your policy, as it can cover the extraordinary costs a business incurs to continue operations after a covered loss.

Create a Disaster Plan

A well-developed disaster plan can minimize downtime and keep your employees safe. Consider these steps:

• Establish emergency procedures and evacuation routes.
• Back up important data and store copies offsite or in the cloud.
• Maintain an up-to-date contact list for employees, vendors and insurers.
• Prepare a business continuity plan to resume operations quickly after a storm.

Take Preventive Measures

These proactive steps can reduce the impact of severe weather:

• Secure outdoor equipment and signage.
• Install surge protectors and backup power sources.
• Regularly inspect your roof, windows and drainage systems.
• Keep an inventory of assets and take photos for insurance purposes.

Explore Your Options

Charles Brunson Agency can recommend insurance solutions tailored to North Carolina’s weather-related risks. Contact us today to get started.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.