How To Minimize Business Interruption Amidst An Emergency

6/16/2021 (Permalink)

Business owners in Tacoma know that the unexpected will eventually happen especially after seeing COVID's recent effects on businesses. Staying on top of insurance and putting emergency plans in place are key to navigating events, such as flooding from a broken pipe, found mold, or fires. Along with due diligence regarding the structure, a focus also needs to be put on what business interruptions may mean. Being prepared for downtime, lost revenue and other negative effects can make or break a business.

Formulate a Plan Although some things are unavoidable, having a good grasp on potential risks, what they may mean to the business, and how to bounce back is necessary. A good plan addresses the following:

Determine Risks Every business is different and may face different issues that could result in an interruption. Along with potential environmental problems, such as flooding, the human factor also needs to be considered. Once the risks are known, it is easier to figure out which may be preventable.

Know the Cost Analyzing the risks includes calculating their costs. Factors that come into play include lost income, additional expenses and possible penalties.

Have Insurance Coverage Clarity Insurance is easy to forget about until it is needed. If large water damage occurs, do you know what will and won’t be covered?

Take Prevention and Mitigation Steps Once the risks are known, you can determine if they can be prevented, then create a plan addresses that prevention techniques. 

Make Cleanup a Priority With a plan in place, facing emergencies will be a little more manageable. The plan to minimize losses does require immediate action. Once you file a claim, contacting a damage mitigation and restoration company is the next step. Along with finding the source of the problem, water removal and drying process should be started as soon as possible.

Running a business comes with many unknowns, but figuring out how to deal with a loss  doesn’t have to be one of them. Creating a plan of action and knowing the possible risks may minimize claim losses and get your business back to operating "Like it never even happened."