Business interruption greatest weather-related concern: Travelers survey

Following a record year for natural disasters in 2017, the latest Travelers Risk Index Survey finds that 43% of business leaders view business interruption as their biggest weather-related concern.

The insurer surveyed more than 1,200 business leaders, and found that approximately 40% of respondents said they did not have a business continuity plan in place, and approximately 10% didn’t know if one existed within their company.

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“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.”

The survey also revealed that 70% of business leaders are not entirely confident that they have proper insurance coverage, and 63% don’t periodically review their coverages with their agent or broker.

Travelers says it’s important firms update or develop business continuity plans, shore up their supply chains and regularly review their insurance policies, in order to prepare for weather-related business interruption.

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