Preparation is the key to good risk management. NY weather patterns are changing and the unexpected is becoming more likely. It pays to allocate time specifically to implementing strategies to minimize business losses.
The events of 9/11 brought home to New Yorkers that America is no safer from terrorist activity than anywhere else in the world. Protecting yourself and your business against the possibility of a terrorist attack and the long term ramifications is no easy task, but you can add specific coverage to your commercial insurance so that you have some financial backup in the event of another attack.
Hurricane Irene was a timely reminder that New Yorkers can’t dismiss hurricanes as something confined to the southern states. It’s not the first time hurricanes have caused damage in the city, so including hurricane and flood insurance isn’t as silly as you might think.
Apart from your insurance coverage, you should set up a disaster plan that all your staff are familiar with, so they know what to do and where to go if you experience a major crisis. Keep important paperwork in an easily accessible place, and a list of emergency numbers so you can get assistance; and also keep clients and suppliers apprised of your situation.
Being organized and prepared means you have courses of action that you can activate if you have to – which means you have a chance of minimizing your losses and increasing the speed of your recovery post-disaster. This is good risk management. NY business owners should consider these kinds of preventative measures as a key part of their business strategy.
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