The best thing a pharmacist can do to survive when disaster strikes is to plan ahead. Ben Franklin was right when he said, “An ounce of prevention is worth a pound of cure.” But what can you do to prepare for the unpredictable?
Insurance Coverage
One of the first steps is to make sure that you have proper and complete insurance coverage. For instance, most property insurance policies do not cover damage caused by floods or earthquakes. If you live in an area prone to flooding or earthquakes, you may want to consider purchasing an additional flood or earthquake insurance policy.
For more information on flood insurance, contact the National Flood Insurance Program at 888-CALL-FLOOD or visit www.fema.gov/nfip. For more information on earthquake insurance, contact your insurance agent.
You might also want to consider two other types of insurance coverage - business interruption insurance and/or extra expense insurance, according to the Insurance Information Institute (III), a trade industry group.
Business interruption insurance compensates business owners for lost income if their business is forced to vacate its facilities due to disaster-related damage covered under your property insurance policy, according to the III.
Extra expense insurance provides a business with additional funding on top of normal operating costs to help a business stay open during the rebuilding process.
Have a Plan
While most of us like to think disaster will never strike us, it can and does happen. Take a few minutes to review your business operations and develop a plan, just in case the unexpected happens.
- Keep current duplicate computer records in a safe offsite location. This includes customer records, payroll records, bank statements, and tax information. Back up these files daily.
- Consider where you might set up shop if you have to vacate your facility.
- Make sure your building meets damage-resistant building codes.
- Create a list of important phone numbers—insurance company, wholesalers and suppliers, employees, etc. Distribute the list to employees and keep copies offsite. This will reduce the stress of trying to find this information when you need it.
If Disaster Strikes
If your business does fall victim to disaster, there are a few key things you can do to ease the process. The most important thing you can do is call your insurance company immediately, according to Pharmacists Mutual Companies. You will be given additional instructions on how to handle the situation at that time.
Pharmacists Mutual also suggests securing any evidence you believe may be helpful in an investigation and record all facts—this can include written information, as well as photographs or videotape. You should also make immediate arrangements to protect the property from further damage.
