National Preparedness Month is about taking the necessary steps to prepare for natural disasters or the unforeseen emergency. When it comes to preparing for the unexpected – the first step is to check your insurance coverage. Without the proper coverage your ability to take care of family and business is going to be compromised.
It starts with strategic thinking about the locale and the region’s history. With a little planning and guided preparation, the events are manageable. Considering individual preferences, regional situations and state preparedness requirements the right insurance policy can help to rebuild after distress.
Your insurance agent has access to the resources for immediate and long-term needs – it’s one reason for meeting with an insurance agent regularly. Agents take the time to share the preparedness information, necessary coverage options for your location and what to do in the event of a catastrophe.
Whether the coverage is for a private residence or a commercial enterprise caused by a natural tragedy or a manmade misfortune, counteracting the after effects is possible.
Are You Prepared?
Too many times, clients believe they have sufficient coverage – generally, the information is based on previous conditions or standard practices. In the case of an emergency that could be life-threatening. Today’s insurance agency is aware of the vulnerabilities for both the individual and a working business.
Insurance agencies know all about the federal or local resources and can assist with processing insurance claims – easing the burden for private individuals and businesses. Your agent can assess the current insurance policy and identify the potential risks.
Across the U.S. natural weather hazards exist – the damages and financial grievances incurred can be minimized with some planning. The advent of technology has introduced new forms of hazards – regional power outage triggering business disruptions or accidents resulting in property damages interfering with daily routines.
Financial Risk Mitigation
Buying insurance before the disaster lessens the loss, hardships, and damages to personal and business property and liabilities. When’s the last time you reviewed your company or individual insurance policy? Are you aware of the policy deductibles, the waiting periods before coverage begins and the process of notification when the disaster occurs?
Is your residence or business in a noted flood zone? Did you know there’s a National Flood Insurance program? Standard coverage may not cover all-natural disasters like flood, earthquake, pollution or tornados. For most insured clients separate policies can be purchased or a rider can be added to an existing policy.
Have you thought about business loss? Reimbursement profits and expenses during business shutdown fall under business interruption coverage. Supplier failure as a result of uncontrollable mishaps can cause business losses – contingent business interruption coverage helps to replenish the loss. Did you know, endorsements (riders) to standard policies can cover the added expense of expediting delivery for machine replacement?
Decision Making and Readiness
Preparedness is about meeting the challenge of rebuilding after a disaster or emergency. The worst time to decide or even think about insurance is during the crisis. Being prepared gives you the ability to make quick and accurate decisions when time is of the essence.
As we approach National Preparedness Month, develop a business and family plan with recovery strategies to safeguard your family and protect your business. New technologies and past lessons are excellent guidelines for implementing advanced preparedness. Make an appointment to see your insurance agent. The effort will give you peace of mind in an emergency and it’s the best strategy for speeding the process of renewal.
Conduct a drill to test the emergency training procedures to make sure they work. For some, refining and relearning the roles necessary for survival will make a difference.
Do the research on preparedness, prevention regulations, current national standards and best practices for alleviating disaster costs and increasing your well-being during a tragedy. Your insurance agent can develop a coverage plan that’s right for you. Ask about premium discounts for added precautions. Talk with your agent about preparedness – looking out for your welfare is what they do.