Business Insurance And Disaster Preparedness

No business wants to experience a disaster, but if it ever happens to your business you'll be able to recover more quickly if you have a plan in place.

Keep copies of your business insurance policies and other important documents in an off-site location. This could be your home or a safe deposit box. Having certain documents such as inventory, receipts for equipment, ongoing expenses and records of profits (business interruption insurance claims) can be very beneficial in filing your business insurance claim. If a fire or other disaster suddenly strikes, do your employees have an evacuation plan in place? It's also a good idea to have a backup source of power.

Prevention is also a good precaution to take. Many fires are started from faulty wiring. Be sure your building is up to code on and has proper electrical wiring. Workers can be trained in fire safety as well. The more prepared you are, the faster you'll be able to get back on your feet. Having a business insurance policy is essential in disaster recovery.

Sources

How can I disaster-proof my business? Retrieved June 3, 2008, from http://www.iii.org/individuals/business/basics/disaster/