Winter storms that make it onto the national news can mean devastating losses for business owners. From losses related to not being able to conduct business to losses related to property damage, it can be hard to bounce back after a devastating storm.
Preparing your property, saving for emergencies, and making sure you have adequate business insurance for risk management can make the difference between a minor blip in business and a shutdown.
Tip #1: Prepare Your Property for a Winter Storm
Preparation is key to success in business operations. And sometimes, those preparations are practical and physical.
If you live in a region that gets winter storms every year, your property is probably built for cold weather. However, if you live in a southern state and rarely get temperatures below freezing, you will need to take additional steps to prepare your property for the cold, snow, and ice.
The steps you take to prepare your property for a winter storm will vary based on where you live and what the storm is predicted to bring, so keeping an eye on local news stations and newspapers can help you identify the best approach where you live.
In general, if cold weather is expected, especially if it’s accompanied by wind, you may want to keep your faucets dripping so that water is less likely to freeze in the pipes. You may need to run a space heater in your crawl space to keep it above freezing and prevent your pipes from freezing.
Trimming any damaged trees around your house can help prevent falling limbs from hitting your roof.
You may need to consider an alternative heat source in case you lose power. A backup generator may be warranted.
Tip #2: Prepare Your Finances Before a Storm
Not all businesses are significantly affected by the weather, but if you have a storefront and customers who come to you, a storm could halt your business for a few days to a few weeks, depending on the storm’s aftermath.
Building up an emergency fund is a good idea for your personal finances, and it’s also a wise move for your business. If you can maintain an emergency fund, you can keep your business afloat even if you’re not able to operate for a while.
If you haven’t built an emergency fund yet, implement some new content marketing strategies to boost sales and fund your emergency account.
Tip #3: Review Your Insurance Protection for Storms
Business insurance can help you weather the storm with confidence because, with the right policy, you can file a claim and recoup the losses that a winter storm brings. Of course, avoiding damage in the first place is best and will save you stress, but if you prepare and still sustain losses, business insurance can assist.
Business insurance can help you recover from property damage by helping you replace damaged equipment and inventory. They can also cover building damage.
It can also help cover business operational costs, such as lost wages.
In a perfect world, you wouldn’t need insurance, so you wouldn’t have to pay for it, but in the real world, there is always a risk of devastation, and insurance provides an avenue for recovery that may not be possible in any other way. Adjusting your business insurance deductible to a higher amount can help you save on your premiums.
Winter storms of catastrophic proportions may not happen every year, but they do, and being prepared can help your business survive and thrive.
Comments