How To Reduce Revenue Loss After a Commercial Fire
How To Be Prepared Against A Business Fire
If your business has a fire large enough to force you to reduce or suspend operations, you’ve entered dangerous ground. Small and medium-sized companies that experience a business interruption even for a few days have an extremely elevated risk of shutting down permanently within two years.
The two best ways to build resiliency for your business are to develop an emergency readiness plan and purchase interruption insurance. If you’re fully prepared, your chances of surviving are excellent.
Develop an Emergency Readiness Plan
The top local restoration experts in West Hollywood, CA, created a website to help you prepare your business for any disaster. It includes a no-cost assessment of your facility, where they will
Assess likely hazards.
Evaluate facility shortcomings.
Create a custom profile document.
Share a free Ready Plan app for your smart device.
Purchase Commercial Interruption Insurance
Business income coverage – also called a business interruption policy – is designed to cover your costs while your operations are impeded. It’s typically limited in the number of days it covers, so make sure you talk with your agent about the specifics. Before you purchase this type of coverage, you need to make sure you have a good record of your revenue. If all your records burned in the fire, you may not be able to prove income losses!
There are two basic types: one covers lost business revenue only while the other covers lost revenue and extra expenses resulting from a fire. However, neither type is usually included in standard commercial insurance. You typically must purchase it separately or as a rider.
You Need Speed
Once the disaster happens, time is your enemy. You need a professional fire restoration company to get there immediately to inspect the damage. Any water that’s left inside your building may cause structural damage, so it needs to be extracted without delay. SERVPRO is Faster to Any Size Disaster!
If you’re ready with your EAP and have interruption insurance, you should have enough resiliency to survive almost anything. Acting quickly but without panic after a disaster will also make a big difference.