It will soon be the one-year anniversary of Superstorm Sandy, one of the worst storms to hit the Northeast.

Sandy caused 280 deaths and was the third-costliest insured U.S. storm after Hurricanes Andrew ($25.6 billion) and Katrina ($48.7 billion). Its $25.85 billion in total insured losses may rise to $30 billion when flood, marine and aviation claims are calculated, says Munich Re.

And it wasn't even a classified hurricane when it made landfall. With increasing coastal populations and property values, businesses must understand the impact an actual Category 1-to-3 storm could have, says Allianz.

“Today businesses need to prepare for the 'new normal' of weather events and this can be a laborious process. For many companies it takes time—in some cases years—to appropriate funding and actually make the much-needed changes,” says Tom Varney, regional manager of the Americas for Allianz Risk Consulting, an insurer that paid $113 million from 900 Sandy-related claims.

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: