How To Reduce the Loss Your Business Suffers After a Flood

6/26/2018 (Permalink)

Flooding can affect your business, especially if you have to shut down for clean up

When your commercial building in Chardon, OH, is affected by flooding, your business may suffer. Depending on the extent of the damage, you may have to close your company for days, weeks or months. This stopping of normal business can cost you customers, slow down production and result in inventory loss. Because you may have to pay your employees still, you could be looking at a big loss if you don't take steps to lessen your losses:

• Start the restoration process quickly. If you want to reduce how much your business loses after a broken pipe or another water-related disaster, you need to start the restoration process as quickly as possible. This means calling in a commercial restoration team and filing a claim with your insurance.

• Rely on business interruption insurance. If you planned ahead for disaster, you can turn to your interruption insurance. This coverage helps pay for the financial loss you may have to deal with due to a disaster that makes you close down your company, such as large water damage. Depending on your coverage, it may help pay your employees, normal bills and inventory expenses.

• Rent a temporary workspace. Not every company can easily move for a short amount of time while flooding is cleaned up. However, if your business can relocate without too much hassle, you may be able to start up work in a temporary space. This allows you to keep your customers happy, earn money and allow your employees to work. Of course, renting the space can cost extra money, too.

• Communicate with customers. Simply letting your customers know what happened can help you keep clients even after a temporary shutdown. Give your customers a timeline and try to update them as the work progresses. This simple type of information can assure your patrons that you will be back up and running soon.

Flooding can negatively affect your business, especially if you have to shut down for the cleanup process. With the right steps, you may be able to reduce the negatives this type of disaster can have.

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