5 ways to keep flood waters out of your business
From 2006 through 2015, total flood insurance claims in the United States averaged more than $1.9 billion per year, according to the National Flood Insurance Program (NFIP). Overall, flood events in 2016 were a major contributor to natural hazard losses, and based on a close review of the most recent years undertaken by CoreLogic, we expect this trend of major flood losses in the billions of dollars to continue in 2017.
Further, according to the Federal Emergency Management Agency (FEMA), at least 25% of businesses that close after destructive events, such as floods, never reopen. Protecting the bottom line in order to remain open, or to re-open quickly after a flood disaster, requires taking steps now to prevent or reduce flood damage should your business be in the path of rising water.
What Can You Do?
Despite the unpredictability of floods, there are still some preventative actions you can take to reduce your risks of costly damage and give you peace of mind. XL Catlin partners with the Insurance Institute for Business & Home Safety (IBHS) to provide you information on how to mitigate the risks involved with floods.
XL Catlin’s Property Risk Engineering/GAPS team can assist you with your property loss prevention any time of the year. For additional information on preventing flood-related losses at your facility, please contact one of our Property Risk Engineering Leaders.