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How to Ensure Your Business is Prepared for a Loss

Posted Mar 12th, 2018 in Media, General, Insurance Tips, Commercial Insurance, Did You Know?, In the News

In the event that your business is damaged and you experience a loss, the transition to get you back-up and running normally should be planned and prepared to ensure a smooth transition. 

How to Ensure Your Business is Prepared for a Loss, Youngs Insurance, Ontario

Unfortunately, not all losses can be avoided, resulting in a claim for your business.  We have outlined some tips that will help minimize any downtime as a result of a claim. Being prepared is everything!

1 | Keep Your Bookkeeping Up-to-Date

We cannot stress the importance of this, as the accuracy of this information will help ease the claims process. Your accountant should complete a Profit Interruption Worksheet; this will ensure that there is sufficient coverage in place on your insurance policy.  When you have this worksheet on file, the claims process becomes simplified.

2 | Protect Business Documents

We recommend keeping duplicate copies of important documents at an offsite location or digitally. This helps if those documents and files were to be damaged.

3 | Supplier Back-Up Plan

Sometimes your suppliers may experience a sudden loss that could result in their business closing temporarily.  Create a backup plan so that you have an option to order your product elsewhere should you need to. This will ensure that their loss won’t impact your day to day operations and business. 

4 | Various Action Plans

Come up with a course of action as to how you are going to serve customers in the event of a loss.  Engage with all your employees and have them assist with different action plans for various loss scenarios that your business may experience.  

5 | Business Interruption Insurance

Make sure your business has Business Interruption Insurance coverage. This is imperative and steps in after an insured loss - to make sure you can carry on with your Business Operations and cover all necessary expenses until such time the loss is completely settled. If you don’t already have Business Interruption insurance in place, contact a Youngs Insurance office today!

If you follow these simple tips to get your business prepared, you will be in a much better position should you experience a loss. 

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