Water Damage From Spring Showers?
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Optimism is the fuel that drives the entrepreneurial spirit, so it isn’t surprising that many business owners consider themselves optimists. Too much optimism, however, can get anyone into deep water.
A business plan built solely on the ‘best case scenario’ is like a house of cards—a fall flood, gust of wind, fire or wrongful termination lawsuit—and the entire business can come crashing down. That’s why smart business owners temper their innate optimism with a healthy dose of reality. In other words, they learn to manage risk.
A key step in implementing a comprehensive risk management plan for your business is to identify potential risks. Running any size of business is complicated. Beyond generating revenue and managing expenses, business owners face many threats to their livelihood. There are some simple strategies you can take to identify and manage key risks.
Business Interruption For Your Business
Is your business prepared to weather a heavy rainstorm if disaster strikes? If a fire, tornado or fall flood causes a location to be unusable, what will you do? Ideally, you’ll move to a temporary location while your permanent place of business is being repaired. Unfortunately, some commercial property insurance policies do not cover the costs of such a move or the loss of income while the permanent business location is being repaired.
Water Damage Can Shutter Any Size Of Business
Ill-prepared businesses are often forced to completely shut down operations during repair. An untimely closure can cause irreparable damage to your brand and leave employees without work for extended periods of time. To mitigate this risk, business owners consider adding business interruption coverage to their commercial property insurance policy. This invaluable, though often overlooked, coverage safeguards your business by covering operating expenses and lost income while the permanent business location is being repaired.
Prepare For A Worst Case Scenario
Property such as inventory; raw materials etc. is often a company’s largest asset. For the long-term security of your organization it is vital to evaluate potential threats to your property and develop a plan to manage those threats. Begin by taking a complete inventory of all your assets to determine how a loss might affect your business and how much coverage you need. Commercial property insurance coverage can come in many forms to suit your specific needs. A typical policy will provide the replacement cost value for your building, selling price for your stock and the actual cash value for your ‘other’ business property like equipment, furniture, etc.
You have a lot weighing on your budget already, but don’t make the mistake of planning for the ‘best case scenario’ when it comes to your property coverage. Leaving parts of your business uninsured or underinsured is a risk too great to take.
Contact an ALIGNED Insurance Advocate to learn about business tools and resources as well as steps you can take before your organization is sidelined by water damage.
|ALIGNED Across Canada 100% Canadian owned, ALIGNED is a premiere insurance brokerage that serves more than 1,400 clients across the country. ALIGNED’s offices in Toronto, Calgary and Vancouver are supported by a national operations centre in Cambridge, Ontario. Uniquely within the industry, ALIGNED creates, negotiates and delivers the best business insurance and risk management strategies/solutions to organizations like yours.|