Surviving a Disaster: Tracking Recovery Costs

Small Business Disaster Recovery > Necessary Costs

In this series of posts, we’ve discussed the critical ways in which flooded businesses can recover. In the wake of recent catastrophes, disaster recovery is a high priority, especially for those businesses located in Florida. We’ve already covered how to evaluate damage and file an insurance claim. Now, in this final installment, we’ll explore how to keep employees safe when returning to a damaged workplace and how to track your recovery costs. No matter what comes, secure your property with an Orlando Commercial Property Insurance policy.

The structure of your business could be compromised after a flood. Sagging walls, loose flooring and slippery surfaces are just the tip of the iceberg. If your business has any of these, it’s best not to return and attempt to operate until the damage has been thoroughly evaluated. If your employees want to assist in the recovery process, ensure they are outfitted with the necessary personal protective equipment.

According to Abbotts, flood recovery costs include costs for removing standing water, as well as those for repair of water damage. Cleaning up after floods can be further complicated by the presence of chemical and biological contaminants in the water, which pose significant health risks. Toxic mold can also result from flooding, posing significant obstacles to recovery. These repairs for business owners are estimated to cost between $2500 -$4000. This is where your insurance policy comes in to mitigate some of these expenses.

In addition, mold spores can cause respiratory and other health issues, especially to people with vulnerable immune systems or breathing disorders. Because mold hides in dark, moist places, it can be difficult to completely find and eradicate the threatening fungus. So, it’s difficult to find mold in a structure, remove it completely and certify its eradication. Because mold can be so damaging, it’s necessary to completely remove the structure that contains the mold spores. Depending on the size of the infestation, the replacement costs could be upwards of $30,000.

Because of the realities of recovery, insurance is a must. Without the necessary insurance coverages, you could be on the hook for all of the potential disaster recovery costs. For future incidents, speak to your local trusted insurance agent to ensure you’re carrying enough coverage to help you recover from future disasters.

 

About Newman Crane & Associates Insurance

Deciding what coverages you need and what limits and deductibles make the most sense can be tricky. Since 1965, Newman Crane & Associates Insurance has been helping Central Floridians make sense of their options and make the smartest choices for their circumstances. We encourage you to contact our friendly, experienced, and capable team today. Call us at (407) 859-3691 for a consultation.

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