The rains came and didn’t stop. The rivers swelled. Communities began to prepare. Businesses did, too. It was becoming clear that some areas were not going to be able to avoid flooding. Now, with waters remaining high, it is still too early to say what the total losses will be for companies affected in Europe, but the ones that prepared in advance and reacted well afterwards will have the best chances of keeping their losses to a minimum.
Some of the key steps to observe include:
In advance
- Form a crisis management group with clear responsibilities and authority for promptly addressing issues. For a small business that group can be everyone, but they need to know exactly what to do.
- Switch off all electrical systems and avoid attempts to reconnect. Also switch off all machinery and production lines.
- Bring any endangered valuables or critical equipment that can be moved to a safe location.
After the flood
- If an area is damaged, seal it off.
- Don’t switch computers on or off. Only use specialists to recover your computerized data.
- If the event is going to cause a major interruption or loss for you, contact your insurer quickly to discuss next steps.
Documentation
- Allianz Germany says, “Self-employed people – just like private persons – need to quickly get a detailed picture of losses and document it. This includes noting the high-water mark and making photos.”
- Do not remove damaged equipment or other articles until they have been examined by a technical expert.
- Be sure to retain any documents such as police and fire department reports, as these are also useful for discussing claims.
“We’re seeing a very professional approach to the floods with our corporate customers,” explains Andreas Shell, who heads the claims team for this event at Allianz Global Corporate & Specialty (AGCS), which manages large corporate clients. “The clients we have talked to up to now have taken the right steps and also acted quickly and responsibly.”
