Depending on what part of the country you’re in, there’s bound to be some sort of natural disaster that has the ability to bring plenty of unwanted destruction to your financial institution. If you happen to be on the west coast, major storms, wildfires, and earthquakes can creep up at any moment. The latter of those can do some major damage, like the series of major earthquakes that hit Southern California this July, with ripple effects being felt as far as Las Vegas.
So, what happens when an earthquake hits your bank? Are you prepared for things like cleanup and repair? What about the assets that need to be covered for not only your customers but your employees as well? How long will it be until you’re up and running again? These questions and more need to be answered in order to be ready for the unthinkable.
Here are some ways in which you can prepare your bank for an earthquake.
One terrible thought involving an earthquake is being holed up in your bank following the event. Being stuck anywhere, no matter the location or building after an event like this, isn’t something that people want to think about. But it’s better to prepare for the worst than not at all. One way to be ready is to put together a preparedness kit that provides enough to live off of while you’re stuck in one spot. From plenty of fresh water to nonperishable food to batteries to keep things running, you need to be ready to wait it out with the essentials.
Get Insured Before Disaster Strikes
Recognizing you need insurance coverage before an earthquake or other natural disaster is a step in the right direction. Before something devastating comes up again, get on top of protecting your assets and your employees with the right kind of bankers insurance plan. From general liability to professional coverage, insurance can supply the finances needed to make it through clean up and repair.
However, a bankers insurance program may be needed to back your bank up following claims of negligence and liability. Some customers may feel your bank didn’t do enough to protect what was their’s in an earthquake, which led to them being on their own end of a loss. Or some customers may end up finding themselves inside your actual bank when something hits, which would open the door to plenty of unique risks. Having bankers insurance will help to keep your operations safe.
Go Over Your Risks
Another way to prepare is to perform a risk assessment procedure in order to determine how ready you really are for something like an earthquake. FEMA’s Ready website gives you an option to go over everything from biological and chemical attacks to small tremors that can knock some plates off a wall. Also, get some more hands-on help through professional vulnerability analysis work, which can help to pinpoint what you need to work on and reinforce to be ready.
Finally, make sure to estimate how long you could stay in business should a disaster strike. Also, have important notes written down like who would be in charge in your absence and if you have the right equipment and accounting capabilities to work through a disaster.
About Financial Guaranty Insurance Brokers
Since 1983, Financial Guaranty Insurance Brokers has distinguished itself as a provider of Professional Liability, Cyber Liability, and Crime insurance products for entities of all types. To receive timely, personalized service from a knowledgeable and experienced staff, call us today at (626) 793-3330 to speak with one of our professionals.