As Hurricane Season continues, we are already seeing significant storm activity that could potentially harm Commercial Property Owners’ portfolios. Franklin Street encourages all owners to create a Hurricane Preparedness Plan well in advance of June 1, containing a step-by-step plan for mitigating damage and ensuring safety prior to the first storm’s arrival.
This plan should also include crucial steps to take after a storm hits in order to mitigate financial loss and obtain proper documentation for any insurance claims that need to be made. Below, our risk management experts outline what all owners of commercial properties should do as soon as a storm passes and it’s safe to assess the damage.
10 Steps to Take When Your Commercial Property has Been Impacted By a Hurricane:
- Follow the properties Hurricane Preparedness Plan, complete wellness checks on all tenants and staff, communicate actions to take following a loss.
- Have available staff walk the property and assess any building damages.
- Take notes, photographs, and video.
- Separate damaged and undamaged property.
- Make temporary repairs to mitigate further damage.
- Use your Emergency Hurricane Plan to contact all necessary vendors for repairs.
- Notify your insurance company.
- Document everything necessary including repair receipts, overtime hours, materials, additional labor personnel, relocation costs, etc.
- Follow your expense account process.
- Work with your insurance company on next steps to mitigate the impact caused by the hurricane.
In case you missed it, our experts also outlined important hurricane preparation steps in the first two parts of this blog series:
- “Weathering the Storm Part 1: Is Your Commercial Property Prepared for Hurricane Season?”
- “Weathering The Storm Part 2: Protecting Your Property When a Hurricane is Imminent.”
From Insurance Services to Property Management, Franklin Street teams are available around the clock to help our clients through Hurricane Season. For access to more risk management materials, contact us at [email protected]