Having a Plan For Disasters

Aug. 28, 2017

As climate-related emergencies like Hurricane Harvey become more powerful and common, facilities managers must prepare more than ever before. 

Experts call Hurricane Harvey a “500-year flood.” Yet, three 500-year floods have occurred in just the past decade alone—the other two previously occurring in 2010 and 2016.

As climate-related emergencies become more powerful and common – bringing harsher rainfall, and worse winds– it is up to facilities managers to make sure they’re prepared for the worst-- now more than ever.

FEMA will likely be rebuilding Houston for multiple years, according to reports from NY Post, but unfortunately, many business owners in Houston will not get the help they need.

Reports show that 52% of properties in the city do not have flood insurance. This looks to be a tremendous problem for homeowners, where just one inch of water can cost $20,000.

There are tremendous resources to prepare for and survive a hurricane or a major flood. FMs can develop a business continuity plan to prepare for life beyond a potential disaster with IBHS’ free OFB-EZ (Open for Business) business continuity planning tool.

You can review your insurance coverage before a disaster strikes. It is important that your business have both the right amount and type of insurance for its needs and risk profile. There are two types of policies you can buy as a business owner:

A Business Owner Policy (BOP) is commonly used by small businesses. BOP policies combine property and liability coverage in one policy and are usually less comprehensive than a commercial policy.

A Commercial Multi-peril (CMP) policy, combines several coverages — such as commercial property, liability, inland marine and commercial auto — into a single policy. It is typically less expensive to buy a CMP policy than to buy the coverages individually.

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