Disaster can strike your business at any time of year, so it is important to be prepared to face the hardships the unexpected disruption such events can bring. To better protect your business for tomorrow, ensure to speak with your broker to have a solid understanding of commercial coverage policies and what the most frequently used terms actually mean.
When you have a firm grasp on the types of coverages available and the types of risks that are commonly covered, or excluded, you can better gauge the types of scenarios that would be most damaging to your business. Once the broad outlines of what risks you need coverage for are established, you can better tailor your commercial policy, or set of policies, that best meet your requirements.
At Bow Valley Insurance of Calgary, our friendly and independent brokers are committed to completely understanding your business insurance requirements and finding you the right coverage for your needs.
Insurance Tips for When Things Go Bad
Draft, and discuss with your employees, a basic emergency plan for when the unexpected happens. This plan should account for the likeliest risks or safety issues for your business due to the type of activity, location, and what natural or man-made disasters it realistically may face. This plan should have an initial course of action or mitigation for each identified disaster.
- Designate and post your evacuation routes and a known meeting point for employees.
- Hold regular meetings about your disaster plans. These meetings need not be lengthy, but are essential. A half-forgotten plan that leads to confusion is almost worse than no plan at all.
- Schedule for at least one annual evacuation drill or disaster response simulation to keep your staff familiar with the preparedness plan. Involve senior employees as your “safety captains” so the staff has a stake in the plan’s success. These people should have access to the keys, alarm codes, and other details necessary to perform in your absence.
- Stock an emergency kit with appropriate supplies good for 72 hours following the initial emergency. Make sure you have enough supplies to go around for your employees if you have to shelter in place. For a handy list of items here.
- If your business would be severely damaged by a loss of power, either in terms of product or information lost, consider investing in some form of emergency backup power. Depending upon the electrical load you have to support, there are relatively inexpensive portable generator options on the market. If your post-disaster independent power requirements are daunting, you may want to consider installing a dedicated diesel generator. Whichever way you go, never store spare fuel in a poorly ventilated place.
- If your records and computers are under destructive threat from fire or flood, you should consider automatic off site computer back up services. Be sure to find a remote server company that is physically far enough away to not get caught up in our local disaster.
- To protect against electrical damage from lightning, or transmission grid feedback, you should have surge protectors servicing every critical computer or on site backup server you own.
Bow Valley Insurance: Covering Alberta for 36 Years