Mitigating Hurricane Losses

7 steps companies can take to speed catastrophe recovery as the hurricane season continues.

hurricaneWith forecasters predicting slightly below-average activity for the remainder of the Atlantic hurricane season, relief is tempered by two truths: Some 90 percent of all major hurricane activity typically occurs after August 1. And just one significant land-falling hurricane, which is likely even in a “light” season, can be devastating. The 2011 season was relatively benign, for example—unless you were in the path of Hurricane Irene or were affected by Tropical Storm Lee in the Gulf region.

So be cautiously optimistic, but not complacent, as we enter the prime season. You cannot alter the course of Mother Nature, but you can alter the impact a big storm has on your business income and revenue streams.

3. Weigh your need for generators: Generators are very important for entities like health-care facilities, supermarkets and schools—and a prudent investment for other enterprises that want to keep critical functions operating. Be sure to safely and securely stock fuel for your generator.

4. Consider your workforce: After Katrina, one New Orleans fast-food franchise owner worked with his insurer to pay idled workers while the restaurant was closed for repairs. He then had an experienced crew ready to go when the restaurant reopened—and was one of the few establishments positioned to serve adjusters, contractors and others working on recovery. Assuming your policy provides coverage for such expenditures, such worker incentives can ultimately mitigate losses by enabling businesses to avoid the time and costs of rehiring and retraining personnel.

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Originally published on PropertyCasualty360. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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