Dan_Weedin_034Last week, the Puget Sound area had its second straight year of significant snowfall. For us, it’s between 8-12 inches and that’s enough to create suspension of operations for many businesses.
I received a phone call from a client in the hospitality industry asking if snow was enough to make a claim for loss of business income. I had to explain that for any loss of income claim, there needed to be direct damage loss from a covered peril, like a fire.
It was a good question to ask. It also brings to light the fact that insurance isn’t the only answer to calamities that can negatively impact business. While properly programmed insurance is a huge help when property has been damaged, there are many perils to be concerned about and prepared for.
If you own or are a key business leader, here are a few obstacles that are very real and can damage a business:
Suspension of operations due to weather; loss of power and connectivity; bad behavior by individuals causing reputation damage; loss of primary client or supplier; loss of key person, including the owner. Too often, business leaders focus on only growth and forget what impact to growth a suspension or reduction in operations has.
While some may be eligible for insurance help, it’s best to create a plan to prevent and recover. Not doing so – in advance – can kill a business, even if insurance is in place.
Your assignment is to make prevention and disaster recovery a part of your overall strategy. That way, you and your business are prepared to thrive in any situation.
P.S. If you think this only applies to a business, you’re sadly mistaken. The same is true for your personal life. Consider yourself the CEO of your family, however that may be structured. Take on the same assignment!
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