5 Ways on How To Prepare Your Business For Natural Disasters

Natural disasters like tornadoes, hurricanes, typhoons, and floods come with a lot of collateral damage which affects homes and infrastructure. They also affect our businesses, which are sources of livelihood for many.

Imagine building your enterprise from the ground up, only for it to be dissipated in hours or seconds by the freaks of nature! So how can you prepare your business to weather the storm in the face of a sudden natural disaster? Here’s my ‘Hitchhiker’s guide’ to business disaster preparedness.

natural-disaster

Safety Protocols

All lives matter, human resource is the backbone of any business. So having Standard Operating-Procedures(S0Ps) for disaster preparedness can mitigate any occupational risks during such times.

Simulating disaster drills can also go a long way in disaster preparedness if employees know emergency exits and evacuation protocols. Keeping a well-equipped disaster kit is commended too, and it should come complete with survival supplies for at least 3 days.

Data Backup

Yes backups are quite the norm now. But having a ‘backup’ of your backup is advisable. Having an extra digital location where your most sensitive documents, emails as well as digital records and databases are stored.

This can allow you to switch to a ‘virtual business’ till the dust settles and enable you to work and deliver remotely.It gives your business a much needed lifeline as virtual records can help in the rebuilding process a lot. Be sure that your backups are done frequently and can be automated.

Insurance Cover

Get yourself flood insurance if your geographic code is prone to weather disasters. The average flood insurance policy costs about $800 and most Insurance companies now offer business interruption policies, property as well as disaster packages at good premiums.

Statistics show that 2 in 5 businesses open after natural disaster. So, to help alleviate the hustles of reopening, insurance could come in handy.I’d advise you take time to meet your insurance agent to ponder over business insurance covers.

Infrastructure Precautions

Considering the barrage of destruction Hurricane Harvey brought on the Texas Gulf-Coast causing property damage of up to $80bn, certain measures and precautions can’t be ignored. This is especially so when it comes to the resilience and structural safety of your work premise. Be sure to do a structural audit on your location and assess any possibilities of vulnerability.

Do take time to verify that your business location meets specified building codes. Also surely endeavor to test and service the premise emergency generator under load. If weather disaster strikes, do make an effort to use protective material such as plywood to seal off windows. You can also secure first floor doorways with sandbags while relocating your most sensitive office equipment to innermost portions of the building.

Emergency Savings

An Indian friend told me once “In India we save for a rainy day, because it basically rains every day”. That could explain why many Asians are good at saving because they understand that nature can’t be negotiated with.

As a rule of thumb, it’s advisable for businesses to save 20% of their profit per month into an ‘Emergency Trust’. On top of the insurance monies or low interest loans from the Office of Disaster-Assistance, this money can reduce the burden of loss of assets on your business.

We saw the adverse effects of Hurricane Katrina on employment and the New Orleans economy, they can still be felt 13 years later. Bad news never has good timing and at times one can never be too prepared. However, if you take the above precautions chances of salvaging your business are way better.

Why You Must Check Tata AIG’s Reviews Before Buying Insurance?

Many of us associate our insurance needs with different risk factors. Take the increasing instances of critical illnesses in India. Various life-threatening ailments such as cancer and cardiovascular conditions have grown in prominence in the past few decades, resulting in increased healthcare costs and lower life expectancy. Similarly, the increasing number of cars on Indian roads and lenient traffic rules implies a higher risk of road accidents.

In such circumstances, having some form of financial security is essential. And this is where buying insurance comes into play. Buying insurance, be it health insurance plans, motor insurance or travel insurance, is both necessary and overwhelming. It is because you need to think about various factors such as policy coverage, exclusions, insurance-related jargon and the choice of insurance provider.

Choosing the right insurer is perhaps the most crucial part of your insurance buying journey. Since there are many insurance companies in the market, you may feel confused unless you perform a thorough check of different insurers’ reviews. Tata AIG General Insurance Company is one of the trusted names in the Indian insurance sector and offers a wide variety of insurance products, including health insurance plans, home insurance, and car insurance. The positive reviews given by their loyal customers says a lot about the value of their policies.

Here’s how checking reviews of Tata AIG’s insurance policies can help you out:

1. You Get to Know About Customer’s Experience

Before making a significant purchase decision, you often ask about the experience of your friends or peers. You want to know if the product or service you have chosen is worth the price you will pay for it. The same approach bears fruits while buying insurance policies.

The reviews given to Tata AIG’s health insurance plans, car insurance and other policies tell you more about the experience of other policyholders. You can even find detailed reviews from the customers who have written about the benefits they have received with Tata AIG’s insurance policies. In other words, you get to know more about the real-world instances where insurance benefits from Tata AIG have helped an individual, thus, helping you make the right choice of an insurance plan.

2. You Can Find Out Which Add-ons to Choose

Different types of insurance, including health insurance plans, have add-ons that you can choose to strengthen the policy further. Whenever you buy an insurance policy, you are asked to select add-ons of your choice by paying a small premium amount additionally. You can therefore, choose add-ons that align with your requirements.

Genuine reviews from Tata AIG’s policyholders can help support your research by clearing your doubts about the right combination of add-ons that you must include in your policy. For instance, if you buy Auto Secure Private Car Package Policy from Tata AIG, you can choose the depreciation reimbursement add-on to get a full claim amount without any deduction for depreciation during claims as per policy terms.

3. You Can Verify the Claim Settlement Ratio

While buying an insurance policy, you want to know more about the process of claim settlement followed by your insurer. Along with this, it is crucial that you are aware of the insurer’s claim settlement ratio (CSR), which is essential, the number of claims settled by that insurer in a year.

Many customers write reviews online to shower praises on Tata AIG’s policies for their seamless claim settlement process and high CSR. This way, you can be sure of selecting Tata AIG as your insurance partner.

4. You Can Check the Worth of Premium

Most people include benefits such as insurance coverage, NCB, add-ons and their entire experience with their insurers while writing online reviews. Consumers also describe the premium payable for their insurance plan. The premium of insurance policy varies with the coverage and add-on options that you choose at the time of buying.

Therefore, the customer reviews can help you choose maximum insurance benefits at a nominal cost of the premium. At the same time, you can better assess your premium paying capabilities by thoroughly checking out reviews given by Tata AIG’s customers.

Bottom Line

Tata AIG General Insurance company is a trusted name amongst Indians. Whether you want to buy health insurance plans, car or travel insurance, you can validate the worth of their policies through genuine reviews from the policyholders. Doing this will prevent any hassles about your insurance coverage that may otherwise arise in the long run.