Where the Wind Blows: Hurricane Preparedness Advice for Business Owners

Hurricane season began on June 1st and it will last until November 30th. After a 2017 hurricane season that was the most expensive ever, with over $202.6 billion in damages, many business and property owners may seem relieved that the National Oceanic and Atmospheric Administration (NOAA) has predicted a more average 2018 hurricane season. What does “average” mean exactly? They forecast 10-16 named storms, 5-9 hurricanes and 1-4 major hurricanes. (To put this into perspective, 2017 brought 17 named storms, 10 hurricanes and six major hurricanes.) However, hurricane preparedness is still very important.

Hurricanes pose the greatest threats to the southern East Coast and Gulf Coast regions, but the effects of these storms can – and have – reached the Northeast more frequently over the past few years. Strong winds and heavy flooding can cause power outages, wind and water damage and other storm-related damages to your commercial properties.

In order to get ahead of the storm, it is a great idea to anticipate, understand and manage the potential types of hurricane and flood risks and how they may affect your business and properties. Preparation for hurricane season includes reviewing your business insurance policies to make sure you are covered for both wind and rising water.

Beyond that, also consider your home and other personal properties. The NOAA says many of the nation’s top hurricane experts are buying flood insurance for their homes. FEMA says that 1 in 4 federal flood claims occur outside of risk areas. So, while many with required flood insurance have it, others do not. The National Weather Service says there is a 1 in 4 chance your home floods at least once over a 30-year mortgage and a 55 percent chance over an average lifetime. Knowing your risk is helpful when making the decision to purchase personal lines flood coverage.

Also, don’t forget about business interruption! Selective Insurance says that it is a good idea to develop a business continuity plan designed to help your business plan for any interruption – including a natural disaster. The Insurance Institute for Business Safety provides a template to help you create one.

Rose & Kiernan, Inc. is happy to assist with a review of potential risks that flood and hurricane damage can cause at each of your business locations and personal properties. We maintain strong relationships with carriers that have the ability to respond to these catastrophic exposures and can help determine which policy is a smart choice or necessary investment for your business.

To learn more about specific types of property and casualty insurance, please click here. We’re also more than happy to discuss personal lines insurance options with you. Contact us at 800-242-2433.

Post a Comment

Your email address will not be published. Required fields are marked *

Related Posts

Preparing for Catastrophe: What Business Owners Should Know About Flood Insurance

Sometimes the largest exposures to loss are the ones that occur infrequently and yet have the ability to inflict damage across wide geographic areas, such as floods. As climatologists predict greater hurricane and flood risk in the future, it’s essential that business properties be covered for such events.

Read More

cloud-based email compromises
Cloud-Based Email Compromises are Increasing: Here’s What Businesses Need to Know

Recent reports show an increase in cloud-based email compromises. Here are some recommendations and best practices for businesses to improve their cybersecurity.

Read More

rk-blog-employee theft-insurance
Employee Dishonesty Can Create a Need for the Best Policy

Every business is vulnerable to the threat of employee dishonesty. Exposure is much larger than most companies would want to believe. It is important to protect your business against employee theft.

Read More