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And don't forget about coverage for water backup of sewers, drains, or sump pump failure. Another area many business owners don't consider is Business Interruption Insurance. These are issues only you and your agent together can address.

In conjunction with your insurance policy, compile an asset inventory with photographic records and a written report. Knowing what you own, when the items were purchased and the cost will help reduce the process when filing your insurance claim because it will help you remember everything you owned. Even if you have adequate insurance coverage, most policies require a detailed list of what was lost, damaged or stolen. During the stress of recovering, you will most likely forget many items, and the time savings is imperative so you can begin rebuilding your business. Be sure to secure this information off site, and update the inventory annually.

Disaster may never strike, but if something does happen, having plans in place will help you through the transition and increase the odds that a temporary business interruption does not become a permanent one. According to the SBA, small businesses provide nearly 45% of the nation's payroll. A commitment to being prepared will support your employees, customers and the local economy.

Learn more about this author, Cindy Hartman.
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