When it comes to weather and climate disasters, the clock is ticking.
As the likelihood of a major climate event impacting your business surges higher each year, disaster recovery planning is critical.
- In 2022, the U.S. experienced 18 separate weather or climate disasters that resulted in at least $1 billion each in damages.
- It had the eighth most disaster-related fatalities for the contiguous U.S. since 1980, with 474 direct or indirect fatalities.
- Damages from the 2022 disasters totaled $165.1 billion, and the combined cost from events of this caliber over the past 10 years totals $1.1 trillion from 152 separate billion-dollar events.
Your business is essential. Take action now.
Should a climate or weather disaster strike, your employees and customers need you to reopen as soon as possible. You are essential to your community’s recovery efforts, so take action now.
- Know your risks. Find and review your county’s hazard analysis or disaster mitigation plan to understand what events impact your geographic area.
- Develop a plan to respond to each of the identified risks.
- Your plan should take into account your business’s essential operations, employees, equipment, suppliers, technology, and finance needs.
Inflation and supply chain issues are rapidly increasing the cost of rebuilding following a disaster. Review your policy limits and talk with a Federated® marketing representative to help ensure that you have the proper coverage in place to fully recover from a climate or weather disaster. For more information on North American Equipment Dealers Association (NAEDA) and Federated Insurance®, visit www.federatedinsurance.com/association-groups/naeda.