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3 Steps to Minimize Business Interruptions

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3 Steps to Minimize Business Interruptions

Reduce Business Interruptions with These Tips


Believe it or not, but 40 percent of businesses never reopen after a disaster according to the Federal Emergency Management Agency (FEMA). As a business owner, it’s your responsibility to ensure that your business can overcome any hurdle – including disasters. Although the thought of closing your business is never pleasant, it is a reality for many companies that aren’t properly prepared for business interruptions. Along with a plan and business insurance in Calimesa, CA, take a look at these tips to safeguard your company.


Calculate the cost of interruptions

If the worst does happen, you should know what kind of costs you’re looking at covering after a disaster. When you know your costs, you can look into securing coverage to cover these expenses. In calculating cost containment, the following should be considered:

  • Lost sales or income
  • Increases expenses
  • Regulatory fines/contractual penalties
  • Delay of business
  • Ongoing expenses


Prevent and mitigate

Generally, there are three different approaches you can take to control and contain potential hazards to business:

  • Prevention: Identifies preventable hazards and implements steps to avoid the occurrence of these hazards.
  • Deterrence: Identifies potential criminal activities that create business hazards.
  • Mitigation: Identifies hazards that cannot be prevented. Steps are taken to control and contain the hazards in case they do occur.


Understand your insurance coverage

In many cases, a disaster occurs and then business owners find that they did not have adequate commercial insurance to cover the damages. Now is a good time to review your coverage and fill in any gaps as necessary. Business interruption insurance can help to cover your business after the worst happens. Since this coverage can differ for each business, it’s important to understand your policy terms, coverage limits, waiting periods, and exclusions.


To find the right business insurance policy to meet your needs, contact the experts at Little & Sons Insurance Services. Serving Banning and the surrounding cities in California, we are ready to assist you with all your insurance needs.


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