Ensuring Resilience in a Storm: Climate change is impacting Hawaii. Is your business prepared and protected?
Hawaii business owners are grappling with the impact climate change and severe weather could have on future operations. What proactive steps can businesses take to help ensure a stable recovery after a disaster?
Prepare Your Business for Climate Change Impacts
- Complete a risk assessment of property that includes engineering inspections and appraisals. Annual inspections will help identify potential issues and valuation deficiencies. An inspection can also help business owners mitigate and fix maintenance issues proactively and reduce damage from a disaster.
- Upgrade and maintain facilities and equipment consistently to strengthen resilience to unpredictable changes in climate. Hawaii is prone to hurricanes and severe winds. Keeping up with roof structure and plumbing maintenance (i.e., fixing leaks quickly) is vital to ensure your business can better weather a storm. Additionally, consider the growing risk of wildfires and incorporate fire-resistant materials into your building’s framework where possible.
- Make sure insurance coverage is current and adequately covers potential losses in case of disaster. Consider adding hurricane and flood coverage to your property insurance, regardless of your location’s risk level, to protect against losses from unpredictable climate events. Additionally, opt for business income coverage to safeguard against income loss during closures caused by severe weather or other climate-related incidents.
- Protect your employees by implementing a phone tree or other contact system to alert them when your business is closed or closing due to expected dangerous conditions. Such conditions can be from impending weather events, wildfires or tsunamis.
- Regularly communicate with your insurance agent to ensure your coverage meets your needs, addresses potential risks, and fits your budget. With severe weather events increasing, it’s important to consider the benefits of insurance as part of your risk mitigation strategy.
Photo: courtesy of Island Insurance
Island Insurance’s local experts have been there for Hawaii for more than 80 years, including through difficult times. Please contact an Island Insurance agent today if you have questions about your insurance protection.
