Limit Business Interruptions by Being Prepared for Anything

8/13/2020 (Permalink)

A water loss can significantly impact a business, but owners don’t have to go it alone.

If flooding happens at your Stillwater, OK, business, the costs go beyond repairing the damage. Depending on how much water has infiltrated the property, you could be faced with large water damage, which may mean having to temporarily close down and relocate. That lost revenue has the potential to have devastating consequences. Having business interruption insurance can help ease some of the burdens, but being prepared for any type of disaster is the first step to minimizing losses.

Steps to Reduce Interruptions
While something like a broken pipe may be a sudden and unexpected occurrence, there are ways to reduce the risk of that kind and other incidents from affecting your bottom line. The first step is identifying potential risks to develop a mitigation plan. Once those are established, there are three methods to containing them.

Prevention – Identify ways to prevent damage from happening. If located in an area prone to flooding, consult experts on waterproofing a business. If a plumbing system is aged, consider replacing it.

Deterrence – Although not necessarily related to water issues, taking steps to deter potential criminal activities may keep insurance costs down, as well as provide peace of mind.

Mitigation – The truth is that some things are unavoidable. If Mother Nature brings on torrential rains and flooding, there is no way to control it. Knowing that it can happen and planning before that situation arises will better solidify the property and ensure a safe evacuation if necessary.

Develop a Solid Plan
Understanding risks and the potential cost, such as lost income or increased expenses, can give you a leg up if an emergency situation arises. Developing a communication and emergency plan helps ensure a smoother process in dealing with flooding or other potentially devastating events. Part of that is also completely understanding your coverage and what will happen if a claim is made.

A water loss can significantly impact a business, but owners don’t have to go it alone. Being prepared beforehand via having insurance, identifying risks and potential solutions, and finding trusted water mitigation and restoration expert can reduce the loss.