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very year businesses temporarily shut down — or
close forever — because of a disaster such as a flood,
fire or hurricane, according to the Insurance Information Institute (I.I.I.).
Forty percent of businesses do not reopen after a disaster
and another 25 percent fail within one year, according to the
Federal Emergency Management Agency (FEMA). But by taking
measures to prepare, businesses can increase their chance of
getting back on their feet financially and keeping their doors
open. The I.I.I. recommends the following steps:
Develop a Business Continuity Plan
A Business Continuity Plan can serve as a crucial tool in
helping a company prepare for and survive major catastrophes.
When developing a Business Continuity Plan, share the plan
with employees, assign responsibilities and offer training so
your workforce can collaborate in the recovery of the business.
Conduct regular drills to assess and improve response.
Maintain Key Information Offsite
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To get your business up and operating after a disaster,
you’ll need to be able to access critical business information.
In addition to backing up computer data, keep an offsite list
of your insurance policies, banking information and phone
numbers of employees, key customers, vendors and suppliers,
your insurance professional and others. If you have a back-up
site make sure it’s sufficiently far away so as not to be affected
by the same risks that threaten the primary location.
Take a Business Inventory
Creating a business inventory includes listing all business
equipment, supplies and merchandise — and don’t forget to
include commercial vehicles.