Your Business Policy Does Not Cover Flood Damage
On October 2016, Hurricane Matthew caused $30 billion in damages. From June through November, businesses – even those not on a coastline – have hurricane risks on their radars. Winds 74 mph or greater can cause massive damage, and storms and tornadoes spawned from hurricanes can continue the damage inland.
Planning For a Flood Ahead Of Time
Did you know that it takes approximately 30 days from the date of purchase for a flood policy to go into effect? In recognizing this very real threat, the Optometric Protector Plan offers flood insurance as a way to lessen your financial exposure. In 2011, Hurricane Irene caused immense damage to the East Coast with loss estimates in the billons. Those affected faced many challenges as they begin the recovery process, including impaired utility services, water damage, accessibility problems and supply-chain disruptions. Taking a few proactive steps will help maximize that coverage.
Things You Can Do To Mitigate Against Flood Damage
Follow these expert 6 tips from CNA on how to deal with the aftermath once the storm has passed:
- Account for all employees who stayed at the facility during the emergency.
- If someone needs to be rescued, call professionals with the right equipment to help.
- Use caution in flooded areas. Floodwaters may be contaminated by agricultural or industrial chemicals, or hazardous agents.
- Do not attempt to drive across flowing water.
- As little as six inches of water may cause you to lose control of your vehicle.
- Realize two feet of water will carry away most cars.
- Stay away from standing water: It may be electrically charged from underground or downed power lines.
- Conduct a preliminary inspection to verify stability before entering a flooded, formerly flooded or wind-damaged building.
- If there is extensive damage, have a professional engineer or architect certify that the building is safe for work.
- Assess damage to buildings and equipment.
- Photograph and document all damage.
- Notify your insurance agent as soon as possible.
How Can You Protect Your Practice?
Most property policies specifically exclude flood as a covered cause of loss. It is important that you have a flood policy in place for both your home and your business in order to safeguard your financial investments. Almost 40% of small businesses never reopen their doors after a flood disaster.