After a disaster has hit, it’s often too late to consider what you can do to ensure your company’s financial wellbeing, as many local companies can find themselves competing for limited resources, or struggling with basic tasks like even identifying what sort of monetary assistance they might actually need. Instead, companies need to be proactive in their financial planning for disasters, according to an article in NerdWallet.
A key point for any organization looking to prepare for the financial impact of a disaster is to look into their business insurance, and ensure they understand for what they’re covered, and under what conditions that coverage would kick in. This preparation should include logging or otherwise documenting critical resources, so to ease the process of filing a claim. Also, be careful to confirm what types of disasters are covered – things like floods or earthquakes often require separate policies, as an example.
Since there can often be delays between filing claims and receiving the pay outs, companies should also look into the availability of business loans, disaster loans, or what grants may be available in your area, to ensure the short-term expenses of recovery don’t overwhelm you.
Source:
https://www.nerdwallet.com/article/small-business/prepare-your-business-natural-disaster
