Minnesota faced destructive hailstorms last week which destroyed thousands of acres of crops. Golf ball-sized hail came down on southwest Minnesota, and was accompanied by three tornadoes. No injuries were reported but the damage to crops was detrimental.  Soybeans can still be planted into early July but corn, on the other hand, is past its planting season.

Industry specific insurance is important to have for your business. In the case of farmers, crop-hail insurance is common in areas where hail is to be expected. How does your insurance work for you in the case of a natural disaster? Not all disasters are covered in common property insurance policies. It is important that you are informed of your options and have the best policy for the region you are in. Knowing your options is crucial when it comes to your insurance. 

How can you prepare yourself and your business for mother nature’s unpredictability?

Come up with a plan. Are you and your employees able to work from alternate locations? Do you have a backup facility to continue to conduct business out of? Are all of your employee records up-to-date? If disaster is to strike, updated contact information, addresses, and emergency contacts is crucial in alerting your employees and their families. If you depend on suppliers to run your business, be sure to understand their policies so that you do not suffer from an interruption in supply. Also, consider CBI (contingent business interruption) insurance to help protect your business if there is a disruption in supply. 

Review your insurance bi-annually. Strange weather patterns are occurring across the globe. Be prepared for all types of disasters that could disturb your business. Have an insurance plan that covers disasters, loss of income, and other expenses so that you are not responsible for recouping all of your losses.