HARTFORD, Conn.--(BUSINESS WIRE)--In its most recent Risk Index survey, The Travelers Companies, Inc. (NYSE: TRV) found that 43 percent of the business leaders surveyed cited business interruption as their biggest weather-related concern. However, nearly 40 percent of respondents said they do not have a business continuity plan in place and about 10 percent were unaware if one exists. The survey asked more than 1,200 business leaders to identify their overall perception of risk and what worries them most.
“Considering the high number of natural disasters in 2017, it’s more important than ever for businesses of all sizes to take the proper steps to protect employees, property and assets,” said Scott Humphrey, Second Vice President of Risk Control at Travelers. “Preparing for the unexpected, including the impact of severe weather, is fundamental to an effective risk management program.”
Many businesses also may lack the appropriate insurance coverage. According to Marshall & Swift, a building-cost data provider, 75 percent of commercial businesses are underinsured by 40 percent or more. This aligns with the results of the Travelers Risk Index, which found that seven in 10 business leaders are not very confident they are properly insured and 63 percent do not conduct periodic reviews of their insurance coverage with their agent or broker.
Travelers recommends business leaders take the following steps to help prepare for possible spring storms and other severe weather events:
- Develop or update your business continuity plan, outlining the strategy for keeping your business running during an unplanned event like a natural disaster.
- Shore up your supply chain by maintaining regularly updated and tested contingency plans, including a list of potential backup suppliers.
- Regularly review your insurance policies and limits to ensure you are properly covered.
The Travelers Companies, Inc. (NYSE: TRV) is a leading provider of property casualty insurance for auto, home and business. A component of the Dow Jones Industrial Average, Travelers has approximately 30,000 employees and generated revenues of approximately $29 billion in 2017. For more information, visit www.travelers.com.