Lying in the wake of some of the most recent flooding, wildfires and earthquakes our nation has seen are the risk and loss concerns harvested by business owners.

Whether a disaster is natural or man-made, recent events have certainly taught business owners about the importance of proactive planning.

This form of preparation can and should be a part of every business’ risk management strategy. Proper risk management solutions take into consideration all areas of potential loss, including those caused by Mother Nature and beyond.

Although the term “disaster” may infer a catastrophic event such as large-scale flooding, fires or earthquakes, the most common claim-worthy disasters tend to be smaller in scale, such as flooding from a burst pipe, heavy snowfall resulting in a leaky roof, contamination and so on.

In order to plan, one must be aware of the risk exposures you face as well as what to expect. With that said, what potential disasters may your business fall victim to?

• Fire
• Water (i.e., flooding, leaking roof or pipes)
• Physical Damage (i.e., vibrations from an earthquake, damage from an employee, etc.
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  )

• Pests (i.e., rodents or insects)
• Contaminants (i.e., dust or gasses)
• Criminal (i.e., robbery, isolated theft, vandalism)

Once you’ve determined the forces you are up against, it’s critical that you develop a plan to safeguard your commercial investment. One tactic can include implementing a “collections risks assessment.” Ask yourself a series of questions, in regards to the aspects of your business which may be affected by a disaster – what is the potential resulting loss in value? What is the likelihood that a natural or man-made disaster will occur? What percentage of my company or goods and services are vulnerable?

Taking the time now, to prepare and help prevent significant loss, is a surefire way to protect your commercial enterprise.

It costs far less to put the proper risk management plans in place than to recover from the full force of an unexpected disaster.

Gordon B. Coyle, CPCU, ARM, AMIM, is owner of independent risk management agency The Coyle Group.