In the light of recent torrential rains across Ghana, with several reports of flooding in major urban districts, prudence dictates that every business or institution should make concrete and resilient plans against floods and other water-related risks. Adequate coverage from a resilient and supportive insurance partner goes a long way to help a business or property owner in the aftermath of a storm, but what other steps can be taken? Let us consider a few suggestions.
1. Life comes first.
After a flood or related event, it is important to collect information for filing of claims. Business owners can also be forgiven for wanting to return to business as usual in the shortest possible time. However, the greatest priority should always be given to your personnel: we can all agree it would be wrong to put anyone in physical danger, but emotional health is equally vital – and often overlooked. While assessing damage and salvaging property, make sure to give precedence to any demands of safety or humanitarian aid. A considerate employer can empower their workforce, avoid all compounding losses, and avert any further claims of liability or negligence. Thankfully, modern technology simplifies most tasks related to assessment and salvage, such that diligence in recovery should not endanger any lives.
2. Review insurance coverage.
After suffering property damage in a storm, there is an obvious need to review your property policy and begin the claims process. But there are other policies to consider: workers’ compensation, general liability, environmental coverage, and so on. It is important to keep a holistic view of how to categorise and address all claims issues arising from the event. Consider potential liability claims for any actions that may be alleged to have caused or compounded damages to personnel, vendors, customers, etc.
You should also be familiar with the requirements of all policies: stipulations regarding notice and reporting, clauses within each policy, and their given time limitations.
3. Work closely with your insurer.
The aftermath of such events demand close cooperation with stakeholders. No agreements about liability, defence or settlement should be made without input and approval from your insurers. This may be directly stipulated in your policy – the cooperation clause and similar provisions directly state that the insured cannot unilaterally concede liability; legal precedent also supports this conclusion in many cases. Environmental claims may require cooperation with governments, which may dictate, for example, how issues concerning pollution are disclosed. State bodies may have the power to order immediate action, without insurers’ consent. If so, notify the insurer of such orders within the shortest possible time, and keep all communications as evidence for your claims filing.
With the right approach (and the right partner) any event can be successfully navigated. Who do you trust to help you in times of emergency?