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11 Tips On Being Prepared If You’re A Business Owner In Hurricane Matthew’s Path

It is important, as a business owner, to be prepared for any tragedy that may hit. If you are located in an area that has a high chance of hurricanes here are some of the things you should do at the beginning of hurricane season.

  1. Make sure that your business is up to date with all building codes.
    • This is important because it will help you be better protected by insurance.
  2. Take pictures of the inside and outside of the building.
    • This will help you prove damage for tax credit and insurance claims.
  3. Back-up all computer files if you haven’t already.
    • Most systems will also be able to help you restore files after the storm hits.
  4. Gather all insurance policies, inventories and other important documents. 
    • Making copies of these documents is also a good idea, store them in more than one spot.
  5. Set up a storage facility in a safe area to store your important files. 
    • You can also have a moving company on stand-by to help transport things.
  6. If you have any company vehicles find a place to store them on higher ground. 

If a hurricane watch has been issued, these are some of the steps you should take to prepare for when it hits. 

  1. Tune in to local t.v. and radio stations for instructions and updates.
    • This is commonly the quickest way to get information about storms.
  2. Move any files and records away from windows and off of the floor. 
    • Putting files on top of a table or filing cabinet will lower the chances of them getting damaged.
  3. You can also cover files and equipment with plastic for extra protection. 
    • Saving as many peices of equipment as possible will save you money.
  4. Organize payroll early so that employees can get paid while banks are still open. 
    • This will help you feel better and your employees feel more secure.
  5. Let local authorities know that everyone has evacuated your building and if you have any type of security system. 
    • This will save them the trip if your alarm goes off and lets them focus on other areas.

 

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3 things you need to know if you’re a business owner affected by the Louisiana floods

  1. You need to know what insurance policies you have in place.
    • “Property insurance covers everything related to the loss and damage of company property due to a wide-variety of events such as fire, smoke, wind and hail storms, civil disobedience and vandalism. The definition of “property” is broad, and includes lost income, business interruption, buildings, computers, company papers and money.” https://www.sba.gov/managing-business/running-business/insurance/types-business-insurance
    • There are two basic forms of property insurance, all-risk policies and peril-specific policies. All-risk policies cover a large amount of incidents and perils except those that are noted in the policy. Peril-specific policies cover all of the losses from only the perils that are listed in the policy. Some examples of peril-specific policies are; flood, fire, and crime.
  2. Are you in the federal disaster relief zone?
    • “Taxpayers considered to be affected taxpayers eligible for the postponement of time to file returns, pay taxes and perform other time-sensitive acts are those taxpayers listed in Treas. Reg. § 301.7508A-1(d)(1), and include individuals who live, and businesses whose principal place of business is located, in the covered disaster area. Taxpayers not in the covered disaster area, but whose records necessary to meet a deadline listed in Treas. Reg. § 301.7508A-1(c) are in the covered disaster area, are also entitled to relief. In addition, all relief workers affiliated with a recognized government or philanthropic organization assisting in the relief activities in the covered disaster area and any individual visiting the covered disaster area who was killed or injured as a result of the disaster are entitled to relief.”  https://www.irs.gov/uac/tax-relief-for-victims-of-severe-storms-flooding-in-louisiana
  3.  What questions you should ask your CPA.
    • How do I report losses of inventory, fixed assets, and real estate?
    • How do I recreate my lost records and receipts?
    • Do I qualify for any state or federal tax credits in regards to the disaster?
    • How do I report proceeds from the insurance company?
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