Earthquake Preparedness: Is Your Bank Ready?

While it might be morbid to imagine, think of an earthquake hitting at this exact moment. Would your assets be protected? Would your employees be safe? How would you recover? If you don’t have answers to these questions, now is the time to address them.

The last thing any bank operator wants to think about is a massive earthquake rocking their foundation. However, having a business in earthquake-prone regions, especially in California, make preparedness inevitable. Money, assets, productivity, and time can be lost without the right precautions. Therefore, protect your bank with a comprehensive Earthquake Insurance Program and heed the following preparation and protection advice to secure your assets and employees.

Make an earthquake preparedness kit.

While it’s unlikely you’d be trapped in the bank for days on end, it’s wise to stock up on basics. For example, keep plenty of fresh water, nonperishable food, and first aid items handy. At the very least, include fresh batteries and a flashlight in your kit along with a cell phone charger to reach emergency help. Depending on the number of employees you need to cover, you can purchase a ready-made kit from sites like Quake Care, as well.

Cover the basics.

Discuss how to handle an earthquake during and after the initial tremor. Safety comes first during these times, so teach your employees about the proper places to seek shelter during an earthquake and how to prevent injury and even death.

Assess your risk.

FEMA’s Ready website suggests that businesses perform a risk assessment to determine how ready your company is for an earthquake or other natural disaster (and, depressingly, how prepared you are for a “biological, chemical, explosive, nuclear or radiological attack”). There are several seismic risk-focused firms throughout the U.S. that you can call in for a professional earthquake vulnerability analysis, such as EBI Consulting, CoreLogic and AEI Consultants, explains Entrepreneur.

The fine print.

Estimate how long you could stay in business for should a disaster occur, who would take over in your absence, and if you have the equipment and accounting capabilities to function in a disaster. Next, establish how you will communicate with vendors, insurance, suppliers, customers, and others after an earthquake.

About Financial Guaranty Insurance Brokers (FGIB)

At Financial Guaranty Insurance Brokers (FGIB), we will meet with you and assess your exposure to earthquake damage and provide you with the coverage options available. Even if the damage isn’t catastrophic, your daily operations are bound to be rocked. From cracked ceilings to electrical issues and water damage, we are here to provide you the protection you need to get back on track. Contact us today to learn more about our earthquake coverage at (877) 485-4413.

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