If a disaster like a fire, hurricane, or flood strikes your business, it can be hard to know where to start. But following such a catastrophe, taking the following steps can help get your business back up and running.
Notify Your Insurance Carrier
Funds from your business’s insurance plan will be a lifeline during the recovery process. It’s important to notify your insurance agent as soon as possible. If you’re interested in more information on using insurance in the wake of a catastrophe, the Insurance Information Institute has some helpful resources, like this guide on setting up insurance beforehand and this one on what to do post-disaster.
Get Your Records Together
For the purposes of working with your insurance agent, you’ll need business records. First, make sure it’s safe to access the records. Then, gather budgeting documents, invoices, and federal and state tax returns as well as bank statements. Business contacts and your company’s purchase agreement (if applicable) can be helpful as well. For more information on record-keeping best practices as well as how to recover seemingly lost records after a disaster, check out this article from The Balance SMB.
Look into Help from the SBA
The US Small Business Administration (SBA) has a program in place to assist individuals, including business owners, after a disaster. This takes “the form of low-interest loans,” per the SBA, and can be used to help heal from both “physical damage” and “economic injury.”
Beware of Scams
After a disaster, many people will reach out to offer a helping hand. Others, however, will try to take advantage of the situation. Keep your guard up for scams by carefully researching contractors, lenders, and other parties that you interact with during the recovery process.
At The Capital Rams, we have a variety of financing solutions for businesses, no matter the situation. To learn more, get in touch today.