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9/29/2011 - Expecting the unexpected

The III says employees should be shown how to use a fire extinguisher.

Preparing for the unexpected is a key aspect to the success of a business venture, but all too often, entrepreneurs fail to take the appropriate steps, according to Loretta Worters, vice president of the Insurance Information Institute.

"Too many businessowners fail to think about how they would manage if a disaster damaged their business premises so that it was temporarily unusable," said Worters. "A business that has to close down completely while the premises are being repaired may lose out to competitors. A quick resumption of business after a disaster is essential and it starts with having the right type and amount of business insurance."

In addition to an up-to-date businessowner's insurance plan, the III recommends a few other tips. For instance, employees should be trained in how to deal with fire, making sure that they know how to operate extinguishers and fire alarms. Businessowners may also want to create an evacuation plan and review it every now and then.

Owners may also want to compile a list of important phone numbers and addresses so clients and financial institutions can be apprised should there ever be a problem that requires the business to shut down for a prolonged period of time. 

Should the unexpected occur, Selective's Crisis Response insurance can help your business overcome certain crisis incidents with coverage for loss of business income and extra expense, such as hiring crisis management and communication consultants or group crisis counseling experts. Talk to your agent today to learn how Crisis Response insurance from Selective can help protect your business. 
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