Floods are an inevitable disaster that can cost your business tens of thousands of dollars. With floods ranking as the most common natural disaster, your business is vulnerable to these damages at any given moment. 

Rather than playing the waiting game, continue reading to learn a few ways how you, as a business owner, can prepare your business as the flood season approaches.

1. Understand Your Local Flood Zones

Some areas and locations are at higher risks of flooding than others. If your business is new to the area, consider checking your local flood zones with this flood map to understand if your business is in a high risk area of flooding or not. Knowing your area’s historic weather conditions and patterns can help you understand how and when to prepare. 

However, no matter the probability of your business’ location being affected by a flood, no location is immune to floods as they can happen virtually anywhere, just some areas are affected more frequently than others. With floods accounting for roughly 90% of natural disaster damages, it’s better to be prepared. 

2. Inquire about Commercial and Private Insurance 

Many commercial insurance policies do not include flood coverage for your business. Be careful not to assume that your business is protected from flood damage just because you have commercial coverage, as that’s commonly not the case. Talk to your insurance agent to better understand your policy and what options you have for flood coverage.

It’s a good idea to inquire about private insurance policies for flood coverage. Without any coverage, you may be forced to front the costs of the flood damage out of your own pocket! In addition to private insurance plans, also note that the Federal Emergency Management Agency has their own flood insurance programs for your business, as well. 

It’s essential to know and understand your current commercial insurance policies and how you can further prepare your business for a flood through additional coverage plans. Don’t wait until it’s too late to know if your business is covered.

3. Keep Track of Your Inventory

Before a flood does happen in your area, be as prepared as possible by knowing all of your inventory and supply levels. If you are already keeping track of your inventory, great! But be sure your inventory lists are up to date every day. 

Having an accurate inventory will help your insurance adjusters give you the best and most accurate plan to accommodate your losses. Ensure everything in your business, from napkin supply to desks and computers, are all up to date on your inventory so that every last item is accounted for when a flood strikes.

On top of keeping accurate track of your inventory, be sure to protect important, irreplaceable items such as hard copies of receipts, human resource documents and other important physical copies pertaining to your business records. You can ensure the protection of these items by keeping them in floodproof containers, or even better, at a separate location like another office. Doing this adds another layer of protection to your valuable records.

Time Is of the Essence

Don’t play the waiting game with flood protection, because chances are, floods will win. No matter the likelihood of a flood occurring soon in your area, floods are inevitable and can strike at any moment with little to no notice. It’s always a good idea to stay on the safe side and follow these steps to protect your business as best you can before a flood happens. Understand frequent flood zones in your area to know historic flood frequencies. 

Know your current commercial insurance policies and inquire about additional coverage so you don’t have to foot the bill for the damage. Keep track of your inventory to get the most out of your coverage plans and reimbursement programs. 

Protect your physical records from potential damage so you don’t lose irreplaceable items. Following these tips will help you as a business owner prepare your business for your upcoming flood season. Floods will happen, so stay ahead and be proactive with protecting your business.