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July 7, 2020

Top Things Business Owners Should Know About Hurricanes

WASHINGTON (July 7, 2020) – This year's hurricane season began in June. Forecasters predict this season will be more severe than average. Hurricanes can take a huge toll on small businesses if owners aren't prepared. Here are a few facts small business owners should know to protect themselves and recover faster after a flood. 

  • About 40 percent of businesses never reopen after a flood – usually because they were uninsured and can't financially recover. 
  • Just like homeowners, business owners can buy flood insurance. They do not have to be located in a flood plain to buy a policy.
  • There is typically a 30 day waiting period before a flood insurance policy takes effect. 
  • According to FEMA, flooding occurs more than any other natural disaster. 
  • Flooded businesses can get federal funding from the Small Business Administration for recovery in the form of loans. 
  • It's important to have disaster provisions at the workplace, along with evacuation maps, and a working radio to hear instructions from local authorities. 
  • Be sure to back up all personal and company data on a regular basis to help ensure you are prepared in case information is lost during a disaster. Keep a copy of your organization's flood insurance policy. If a disaster strikes your business, contact your insurance agent immediately and ask what information is needed to file a claim.
  • Visit flood.naic.org for more information about flood insurance.