In our previous article, we discussed the importance of preparing your bank or financial institution for the worst case scenario – an earthquake. Of course no business owner wants to imagine how his employees and operation could be affected by such a disaster, but California isn’t the only susceptible state. In fact, Texas, Washington, Oregon, Oklahoma, Pennsylvania, Virginia, and many other states are prone to violent earthquakes. We encompassed all of the major preparedness tips in our last post, but one point in particular needs to be expanded upon to ensure your business continues to function after an earthquake. Read on to see how you can prepare yourself and your employees and invest in an Earthquake Insurance Program to secure your operation.
While the famous saying states “don’t sweat the small stuff,” this doesn’t quite apply here. In fact, it’s beneficial to your business if you focus on the fine print prior to a disaster occurring. First, determine how you will communicate with insurance companies, vendors, and customers immediately after an earthquake. We live in a digital world, so communicating immediately is very feasible, especially if you have a plan.
For example, do you have a social media page to post important alerts? Is your customer data easily accessible and protected from the potential harm of a natural disaster, theft, or a breach? This is especially important as you’ll need this information to communicate operating and fund information to your loyal customers.
Next, do you have the reserve funds to fix the damages and continue operating? Even more importantly, if you have to close for a few days, will your bank be able to reopen? If the answer to either of these questions is no, it’s time to invest in the proper insurance policy.
Lastly, set up a chain of command in your bank if you haven’t already. From executives to mid-management, everyone should understand their role in recovering from an earthquake. Conduct a thorough training and provide a response plan to all of those involved to ensure a smooth recovery process.
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.