08/19/2024 | Press release | Distributed by Public on 08/19/2024 12:28
Financial
AUG 19, 2024
RICHMOND - Hurricanes and other natural disasters can take an immense toll on businesses including closures or disruptions that may last for days, weeks or longer. Some businesses may never reopen following a natural disaster, while others that reopen may fail soon after. No business is immune to the effects of natural disasters. Even disasters far away can impact your business by disrupting supply chains and communications.
The State Corporation Commission's Bureau of Insurance (Bureau) encourages businesses to assess their risk of damage or disruptions from disasters, review their insurance coverage regularly, and adjust it as needed to make sure they have enough coverage to help return their business to operation. Businesses should understand what their policies cover and how much they may need to make repairs, minimize disruptions and pay business expenses - including payroll and payments to creditors - in the event of a disaster.
Contact your insurance agent or company now - before disaster strikes - if you have questions about coverage or filing a claim.
Advance planning is critical. "The survival of your business can depend largely upon how you plan for and respond to disasters," said Virginia Insurance Commissioner Scott A. White. "Protect yourself and your business physically and financially by preparing for the unexpected and having the insurance coverage you need when you need it."
The Bureau offers the following tips to help get your business running again as quickly as possible after a natural disaster:
Educate yourself on what your insurance policies cover and consider the following:
Additional steps businesses can take include the following:
The Bureau offers free consumer guides specifically geared to businesses. To learn more, contact the Consumer Services Section of the Bureau of Insurance Property and Casualty Division toll-free at 1-877-310-6560 or in Richmond at 804-371-9185 or visit scc.virginia.gov/pages/Insurance.
For additional emergency preparedness information relating to disasters, visit vaemerency.gov.
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Contact: Katha Treanor, 804-371-9141