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Disaster preparation important for businesses

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According to a recent report conducted by the Insurance Information Institute, companies that prepare for disasters and have effective emergency recovery plans in place are more likely to stay in business.

The recent rash of natural disasters has highlighted the necessity of effective disaster recovery plans, as many companies in Missouri and Japan were affected by tornadoes and the massive tsunami. Furthermore, as more hurricanes are anticipated during the summer season, companies need better protection for their practices. Involved with this protection should be a review of insurance coverages, III reports.

"Property insurance does more than protect physical assets; it may also provide operating funds during a period when a businessowner is trying to get the business back on track after a catastrophic loss like a hurricane," said III vice president Loretta Worters.

Furthermore, Worters relayed that business insurance can provide financial protection for any property damage inflicted by disasters. In addition, business insurance can cover any inventory, raw materials, machinery and other equipment stored in an office building.

The National Federation of Independent Businesses reported that at least 30 percent of all small businesses affected by a natural disaster within the last three years have closed within 24 hours, highlighting the need for effective disaster recovery plans. 

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