It’s been well over a year since Hurricane Sandy unleashed its wrath on the New England area, causing many organizations to halt operations for months, and in some cases, to shut down completely. While one would think the effects of Sandy would cause those in leadership to amp up their disaster recovery plans, the results of a recent survey prove otherwise.
A New York-based agency polled business owners and managers in New York City, New Jersey, and Connecticut whose organizations were affected by Sandy last year. An astonishing 52 percent answered that their organization was not “financially prepared for another disaster,” which experts feel is a strong indicator that other organizations within the area are also not prepared to handle an event of that magnitude, either due to lack of appropriate finances and/or the means to deal with such a disaster.
Only 3 percent of those polled answered that they had taken the steps necessary to protect their organization by accessing more financing. Fifteen percent had taken steps to invest in and protect their organization’s technology, and 10 percent said they invested in infrastructure.
With natural disasters seeming to occur more often and more intensely, the time to prepare is now. Those in leadership should review business insurance policies regularly to ensure that the organization’s property and assets are covered, as well as make sure the organization is adequately covered by business interruption insurance. It’s also advisable that organizations back up their data so that critical information isn’t lost, should the organization’s building be destroyed.
No matter where your organization is located, Lamb Financial Group can help you find the right insurance policies to help keep your organization afloat, should a natural disaster drastically affect your property or operations. Visit our website today to learn more about our insurance options, or contact us to schedule an appointment with a representative by calling 1-866-481-5262.