Businesses should conduct regular risk assessments to identify vulnerabilities in their operations, including evaluating structural integrity, electrical systems, and HVAC units, as well as external factors like nearby water bodies that could lead to flooding. (Credit: Sergey/Adobe Stock)
So far in 2024, there have been more than 20 documented weather-related and climate crisis events that caused property losses exceeding $1 billion in total, according to the National Centers for Environmental Information.
After a severe weather tragedy, which can happen anywhere at any time, the Institute for Business and Home Safety estimates that about 25% of enterprises never reopen. Despite this, most disasters are minor, and their impacts can be minimized by creating and adhering to a thorough disaster preparedness strategy.
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