Real estate firms must prepare for natural disasters
May 06, 2013
Real estate accounting software is one tool that companies can use to stay on top of their finances, but that doesn't necessarily mean businesses are covered in the event of a natural disaster. Depending on the market the real estate firm operates in, natural disasters can have a varying affect on how it can impact the company, but, nonetheless, firms need to be protected by any potential harms.
However, despite the importance of having a backup plan at all times, recent research from Travelers Insurance revealed 57 percent of real estate owners and managers are operating without a business continuity plan, while 43 percent don't consider natural disasters to be an important issue.
"It is easy to see how developing a business continuity plan, testing its effectiveness and carrying proper insurance can be put aside in the rush of everyday operations, but organizations need to look at the long-term vitality of their business and prepare for emergencies and disasters," said Deb Denker, real estate industry manager for Travelers Commercial Accounts.
Real estate firms need to remain protected
Years ago tornados ravaged throughout the Midwest and flooding affected much of the Southeast, demonstrating just how powerful natural disasters can be. Real estate firm owners need to understand this and make their natural disaster recovery plan a higher priority. Here are some tips for helping the business manage a potential disaster:
- Develop a plan to prevent potential risks and lessen the impact of inevitable circumstances
- Lessen the impact of data loss by entrusting in a cloud solution
- Remember to keep customers in the loop at every turn
- Check to see if all employees are up to date on the latest plan
- Continue to test to plan to ensure its effectiveness