Natural disasters can overwhelm small business owners. In addition to costly property losses, there’s also the danger of permanent business closure. The Federal Emergency Management Agency (FEMA) reports that about 40 to 60 percent of small businesses never reopen after a disaster strikes. To increase the chances of your small business surviving unexpected events, ServiceMaster by Reed has compiled some tips to help business owners prepare and make recovery fast after severe disaster damage.
Check Your Insurance Coverage
Getting an insurance policy for your small business is a good decision. While most basic insurance policies cover natural disasters, you may have to secure additional coverage depending on a variety of factors. Use these tips below to know if your insurance coverage is adequate for your business.
Create a Disaster Preparedness Plan
A comprehensive natural disaster preparedness plan will help you better mitigate losses, make you and your employees feel confident, and get your business back up quickly after a disaster strikes. Perform the following:
Creating a disaster preparedness plan can be a challenge. Check FEMA’s business continuity and disaster preparedness plan for guidance.