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Business FrustrationFEMA (the Federal Emergency Management Agency) has some startling news about the vulnerability of many businesses to disasters.

The agency reports that 40 percent of companies never reopen after a disaster. And an additional 25 percent close before another year passes.

Certainly, companies that prepare for disasters enjoy much better odds.

How to Prepare a Business for Disasters

The Insurance Information Institute offered these tips to help businesses protect themselves against disasters.
  • Develop an Emergency Plan. Managers, key employees, and insurance agents can work together to develop a disaster plan. You can create a plan for a fire, windstorm, or even computer crime. It's impossible to control every risk, but it's certainly possible to react to threats in the best way.
  • Evaluate Business Insurance. Many small companies buy a business owners policy (BOP). This policy can cover typical property and liability risks. BOP insurance might also include business interruption coverage. However, it might not cover cybercrimes, floods, and other serious risks.
  • Keep Important Information Backed Up and Protected. These days, information has become a valuable asset to most companies. It's important to make sure important files are stored or archived securely offsite. When you store your data offsite, a fire, flood, or hacker can't destroy it.
  • Keep Accurate Records of Inventory and Supplies. To make the most of your insurance, you will need to document losses accurately. Make sure your records include information about your machinery, supplies, and inventory. Accurate records help you report losses to your insurer.

Get Help With Disaster Planning

Why do so many businesses fail after a disaster? It's mostly because they failed to plan for a threat.

Employees and managers do not know how to react to unexpected threats. Companies lose important information that may be irreplaceable.

Even with insurance, companies may have trouble with claims because they lack good documentation. This does not have to happen to your company.

How can you get help making an effective disaster plan? Experienced business insurance agents can usually help small businesses with risk management and coverage.

The Small Business Administration and Insurance Institute for Business and Home Safety also offer resources. The time you invest in making good plans is one of your best investments.

We're a resource as well. Call Fleming & Riles Insurance today at (800) 833-4379 for a free Georgia business insurance quote.
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