|
Tony McCuller Vice President, Chubb and Son Insurance Co. What role does insurance play in a damage control plan? |
|
| No matter how small or large your business is having an adequate insurance plan and coverage in place is critical for all businesses. Your insurance agent or broker can assist you in reducing risk or potential loss to your business and your assets by transferring risk to an insurer. The insurer for a premium agrees to assume specific risks covering potential losses within an insurance policy for your business. By using an insurance policy as a risk transfer device you can protect your business assets which may include buildings, furniture, fixtures, equipment, office supplies, automobiles and your employees as well. An insurance policy provides protection or it may provide protection for your business for natural disasters such as wind storms, flood, earthquake or emergency situations like a fire, theft, burglary, automobile accidents or an employee of yours being seriously injured while working for your business. A good damage control plan must include insurance as major component of your business's loss prevention plan. Completing a risk assessment with your insurance agent or broker will help you identify the types of hazards or events most likely to threaten your business, how quickly your business can recover or bounce back from a natural disaster or emergency will depend upon the planning, the preparing and the insurance coverage your business has in place prior to a catastrophe or loss occurring. Businesses that fail to plan do not have an effective plan or adequate insurance coverage could be exposed to substantial loss of life, physical assets, loss of revenue and business reputation. | |