Flooding can cause a myriad of problems at your organization, given the extensive damage water can inflict on vital business tools. The biggest victim has traditionally been physical documentation. A flood in an office storeroom containing thousands of folders of documents, records or contracts can be devastating. Today, much of that risk is alleviated thanks to the conversion from paper records to digital files, but doesn't mean flooding is any less problematic.
The serious flooding in Colorado has made headlines in recent weeks, and in Alberta, Canada, flooding has become so bad that the Insurance Bureau of Canada has declared it the costliest insured natural disaster in the country's history, according to the Globe and Mail. In regards to the latter incident, it's believed that insurance premiums will go up in the area.
Companies across the globe should be cognizant of the financial ramifications of a flood and do what it takes to ensure they are protected and, if one should occur, they are equipped to recover quickly in a cost effective manner.
In California, flooding might not be the first thing on your mind, but a recent report in the LA Times examined Southern California's vulnerability and listed a number of potential ramifications that could occur if a tsunami hit the coast and caused serious flooding.
"Researchers said the waters would cause sewage to foul beaches, damage fishing boats in marinas and make more than 8,000 people homeless. Tsunamis could also travel several miles inland up coastal rivers. Statewide, one out of three boats in coastal harbors and ports could be damaged or sunk, and the cost of the disaster could approach $8 billion," wrote Rong-Gong Lin II and Shelby Grad, the article's authors.
This may sound disconcerting, bus proactive companies can help themselves. Working with a California business insurance provider can help local organizations take preventative measures to reduce the impact of a flood and keep premium costs to a minimum.