Catastrophe planning: Ensuring calm during the storm

Many companies make the mistake of only accounting for the obvious threats to their businesses. (Photo: Shutterstock)

From polar vortexes to tornadoes to wildfires and hurricanes, the United States has recently seen its fair share of natural disasters. In fact, according to Chubb, the average claim cost for a flood — the most common and costly natural disaster in the United States — increased by over 550% in the last five years, jumping from $50,000 to $290,000 per claim.

Regardless of the type, the impact of an extreme weather event can be devastating to a business, both in terms of physical property damage and lost productivity. The combined result? Extended periods of lost income that can lead to long-term business damage.