Here's a quick look at how you can prepare beforehand, and what relief might be available afterward.
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BEFORE
DISASTER STRIKES
Identify key issues.
Bring together managers of key areas and brainstorm on the critical steps needed
to recover from a disaster. Consider at least two scenarios: a company-specific
event such as a fire that affects only your business, and a regional disaster
that affects the whole area. Since you can't anticipate every need, your goal
is to identify key issues and make basic preparations.
Establish a
communications protocol. Think about how you'll communicate with employees,
vendors, and customers. At a minimum, each manager should have a contact list
for key employees. Include phone numbers and personal email addresses.
Backup company
records. Identify essential company records and know how you'll access
them. Make sure backups of your electronic information are stored in a safe
location off-site. You may also need paper backups of certain key information
in case of a power blackout. Create a master list of federal, state, and city
tax information, bank account passwords, account number and login information,
and insurance policy numbers.
Review your insurance.
Meet with your agent and review the scope and dollar limits of your coverage.
Discuss business interruption insurance. Make sure you understand your
coverage.
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AFTER
DISASTER STRIKES
Apply for relief assistance.
Know the steps required to apply for insurance reimbursements and federal
disaster loans or grants.
Take advantage of tax
breaks. Your business may qualify for a casualty loss deduction. If you're
in a Presidentially declared disaster area, you have the option of claiming the
deduction against your prior year's taxes for a faster refund.
Other tax
benefits include extended due dates and penalty relief. Contact us at (518) 798-3330 for tax
advice on your specific situation.
