How prepared is your company for a disaster? While you may have taken steps to put together a ‘personal’ emergency plan or Bugout bag, have you taken the extra steps to protect your business?
It is estimated that 30-60% of all businesses never reopen after a disaster strikes. Taking precautions now can help protect your business from closing its doors in the future. And depending on the last time you checked, the insurance is cheaper than you think!
According to the SBA (the Small Business Administration), it’s imperative to prepare your business for disaster. Ask yourself…
Earthquakes, Tsunamis, Mudslides and Sinkholes. Experts warn that the Pacific NW is long-overdue for an earthquake, coined the ‘Big One’. Caused by a significant shift in the Cascadia Subduction Zone, not only could the NW experience damage from the earthquake but from coastal tsunamis as well. Damage could be catastrophic to businesses and home owners all the way from California to Alaska. In addition, mudslides from steep terrain and saturated layers of soil could further devastate the region. With accelerated energy and other natural resource exploration and production, the likelihood of uncovered sinkhole collapse and significant remediation cost increases. Unfortunately, most businesses won’t have adequate Commercial insurance to recover.
Flooding and Surface Water. Heavy rains and flooding are the common in the Pacific NW, causing significant flooding and surface water backup on our streets and into our businesses. Check your Commercial insurance policy, as most do not cover surface waters or flood.
Volcanoes. With the volcanic Cascade Range at our doorstep, you may be surprised to learn that Alaska has 98 active volcanoes, Oregon has 42, Washington has 16, and California has 21. In 1980, Mt. St. Helens was one of the largest volcanic eruptions ever recorded. It caused over $850 million in damage, and 90 people died. Extensive damage to businesses and homes was caused by volcanic ash (the cost to remove the ash was not covered) and Lahar flows (volcanic mudflows). Review your Commercial Policy today to determine if you have adequate coverage.
From “Beauty from the Beast: Plate Tectonics and the Landscapes of the Pacific Northwest,” by Robert J. Lillie, Wells Creek Publishers, 2015.
What to do BEFORE disaster strikes?
ABI’s experienced insurance agents can assist you to help review and understand your current Commercial Property insurance policy, and help you determine which disaster policies best protect your business. We’ll guide your through policy deductibles, and the limits (and limitations) of competing coverage options. By not having adequate coverage for disasters, you may experience both direct and indirect costs, such as loss or injury to personnel, damage to the workplace including your equipment or furnishings, or loss of income, all of which may force you to close your business. ABI works across nine states with multiple carriers to provide you the broadest disaster coverage and best policy terms at the lowest premium costs. Call us today to plan your disaster preparedness strategy.