April Showers Bring Potential Property Damage
It’s already started – the spring season brings some of the more radical and unpredictable weather, with hail storms, torrential rains, flooding. 2013 had a record number of billion dollar disasters globally, with the largest percentage of damage due to flooding. This brings a sobering light on the level of financial impact weather-related events can have on our lives.
According to the NOAA (National Oceanic and Atmospheric Administration) Spring Outlook, flooding is expected with drought conditions continuing in the Southwest. While we certainly need the moisture in the North Texas area, the fact that we have been in a drought makes the uncertainly of spring rains and inclement weather even more problematic for the property manager or business owner, as evidenced by the recent hail storms we experienced. Why?
Buildings have continually expanded and contracted with the fluctuation of extreme temperatures. Couple that with damage from hail storms, leaks from rain, and general wear and tear from inclement weather, the impact to commercial properties has the potential to be acute. So what are the next best steps to ensure you are ready for the challenges crazy weather bring?
Preparation is the Best Policy
There are a number of things you can do to minimize any damage and prepare for more extreme weather. First, perform an inspection of your commercial property. If you own or manage a building, consider having the inspection performed by a professional who knows what to look for. The most seemingly innocent crack in a building can turn into a major problem later.
Second, review your commercial policy. If you are unsure about the coverage, or perhaps are considering additional coverage, now is the time to contact your insurance specialist to get the ball rolling.
Finally, there are steps you can take to ensure the safety of your employees and tenants. NOAA has specific advice and videos covering weather preparedness for every type of natural disaster. From tornadoes to tsunamis, you can find tips on their website to help you be better prepared.
Another resource for weather preparedness and safety is OSHA. They have resources, videos and even opportunities for response training for those who require an official emergency preparedness plan. You can find emergency preparedness and response guidance for general business, including a Planning and Responding to Workplace Emergencies fact sheet. In addition, OSHA has prepared a section on tornado preparedness and response which provides checklists and tips to ensure the safety and wellbeing of your team.
Coverage is Key
A big part of ensuring you are prepared is important to take a good, hard look at the commercial policy you presently have. It’s important to address property insurance coverage needs now, particularly since there is so much unpredictability around the weather. Addressing what you can control will give you peace of mind and the best coverage for your situation. Contact one of our insurance specialists to schedule a review or ask questions now, before the next major weather event wreaks havoc on our area.