Immediately Addressing a Water Loss Minimizes Business Interruption

12/22/2020 (Permalink)

Commercial water damage in Ponder, TX

Business owners in Ponder, TX, know that the unexpected will eventually happen. Staying on top of insurance and putting emergency plans in place are keys to navigating events, such as flooding from a broken pipe. Along with due diligence regarding the structure, a focus also needs to be on what a business interruption may mean. Being prepared for downtime, lost revenue and other negative effects can make or break a business.

Formulate a Plan

Although some things are unavoidable, having a good grasp on potential risks, what they may mean to the business and how to bounce back is necessary. A good plan addresses the following:

Determine Risks – Every business is different and may face different issues that could result in an interruption. Along with potential environmental problems, such as flooding, the human factor also needs to be considered. Once the risks are known, it is easier to figure out which may be preventable.
Know the Cost – Analyzing the risks includes calculating their costs. Factors that come into play include lost income, additional expenses and possible penalties.
Have Insurance Coverage Clarity – Insurance is easy to forget about until it is needed. If large water damage, do you know what will and won’t be covered?
Take Prevention and Mitigation Steps – Once the risks are known, you can determine if they can be prevented, deterred or mitigated and create a plan that addresses that.

Make Cleanup a Priority
With a plan in place, facing flooding is a little more manageable. The plan to minimize losses does require immediate action to be taken. Along with filing a claim, contacting a water damage and restoration specialist should top the list. The next step is taking steps to stop the damage from happening. Along with finding the source of the problem, water removal and drying process should be started as soon as possible.
Running a business comes with many unknowns, but how to deal with a loss from flooding or other event doesn’t have to be one of them. Creating a plan of action may minimize claim losses and get your business back to "Like it never even happened," faster.