Storm season is here, and severe weather is becoming an increasingly vital consideration for businesses across the country. High winds, hail, flooding, tornadoes, and powerful thunderstorms can damage buildings, interrupt operations, and result in significant financial losses. While no one can control the weather, you can reduce risk and bounce back more quickly if disaster strikes.
As an insurance agency, we believe preparation is one of the best investments you can make. Here’s a checklist you can use to protect your business.
Review Your Insurance Coverage
It’s wise to review your insurance policies, address potential coverage gaps, and properly value your assets before severe weather is in the forecast. Ask yourself:
- Are my buildings insured for today’s replacement costs?
- Do I have adequate business interruption coverage?
- Have I purchased property or equipment since my last policy review?
- Should I consider endorsements based on my location or operations?
Document Your Property
If you ever need to file a claim, thorough documentation can make the process significantly smoother. Take current photographs or videos and store copies of receipts, invoices, and serial numbers in a secure, cloud-based location.
Create an inventory of your:
- Buildings and structures
- Equipment and machinery
- Inventory
- Furniture
- Electronics
- Outdoor signage and equipment
Protect Outdoor Property
Outdoor assets are often the first to get hit during severe weather. You can reduce damage and downtime with preventive maintenance.
Before a storm:
- Secure loose equipment or bring it inside.
- Inspect fences, gates, and signage.
- Trim tree limbs that hang over buildings or parking areas.
- Pick up debris that could become windborne in a tornado or hurricane.
Back up Critical Business Data
Storm damage is often more than physical. Power outages and equipment failures can interrupt access to customer records, financial information, payroll, and other essential systems.
Whenever possible, use cloud-based storage or another off-site solution to maintain secure backups of:
- Customer databases
- Accounting records
- Payroll files
- Vendor information
- Contracts and leases
- Insurance policies
Prepare for Power Outages
Even if your building escapes extensive damage, a prolonged power outage can disrupt operations. Planning can reduce downtime and protect valuable equipment. Consider whether your business would benefit from:
- Backup generators
- Surge protection for sensitive equipment
- Battery backups for computer systems
- Emergency lighting
Create a Business Continuity Plan
Would everyone on your team know what to do if your company had to close unexpectedly tomorrow? You need a business continuity plan to answer questions such as:
- Who makes emergency decisions?
- How will employees communicate with each other and your customers?
- Can your staff work remotely if necessary?
- Which vendors are critical to restoring operations?
Property damage is only part of the financial impact a storm can have. If a covered event forces your business to temporarily close, business interruption insurance may replace lost income and cover ongoing operating expenses while you get back on your feet. Understanding how this coverage works and what events trigger it is a crucial part of your preparedness strategy.
Schedule a Coverage Review
Your business evolves over time, and so should your insurance. Review your coverage to ensure it still reflects your current risks if you’ve:
- Purchased new equipment
- Expanded your facilities
- Increased inventory
- Renovated your building
- Changed how your business operates
The best time to prepare for severe weather is long before storm clouds appear on the horizon. The Ingram Agency works with business owners nationwide to identify potential risks, review existing coverage, and build insurance solutions that reflect how their businesses operate today.
If it’s been a while since you’ve reviewed your small business insurance policy, now is an excellent time to start the conversation.