He says, “For others it may just be about focusing on the right things at the right time. Allianz is committed to helping clients identify vulnerabilities, mitigate risk and be as prepared as possible.”

Business accounted for nearly half of privately-insured Sandy losses, although Insurance Information Institute data shows business claims accounted for only 13 percent of claims filed.

The average Sandy-related commercial claim was more than $44,500—about nearly seven times bigger than the average homeowners claim—because the value of commercial property is often higher than residential.

Even though Hurricane Irene missed the major pulse points of the East Coast just a year earlier, business' Sandy preparation was based on a high-wind event, leaving many businesses exposed to storm surge flooding.

Sandy was a unique beast. Its path from the east maximized the storm surge and wind directed at the East Coast. It was also a slow-moving storm, and hit the New York/New Jersey area at high tide during a full moon, when high tides along the Eastern seaboard are about 20 percent higher than normal.

In case another Sandy—or something worse—comes stalking, Varney gives a few major risk management warnings to business owners:

1. Update emergency preparedness plans:

“Flood levels created by Sandy's storm surge approached the 1,000 year event. Currently, in the U.S., we design our buildings to be located above the 100 year or 500 year flood event, not the 1,000 year flood event. Unless a change is made to the current model of building codes, a 1,000 year flood event will always result in massive flooding. Businesses should develop and maintain a formal flood emergency plan if they are located in or close to a flood zone.”

2. Review business contingency plans:

“Many businesses suffered interruption losses due to the extended loss of power. They should consider installing emergency generators that can operate a portion, if not all, of the critical equipment in the facility.”

3. Know what to prepare for:

“Depending on the construction and design of the building, flood gates and flood doors can be used to greatly reduce the amount of flood water that enters a building during a flood event … I would recommend that all equipment critical to the operation of the building like electrical switchgear, transformers, generators, fire pumps, etc. be raised to a level above the 1,000 year flood elevation.”