As a business owner, you know that unexpected events can happen at any time. From natural disasters to cyber attacks, there are countless threats that can disrupt your operations and cause significant financial losses. One such event that recently affected Dallas businesses was the AT&T phone and internet outage, which left many companies without vital communication and connectivity for days.

According to a recent article by Yahoo News, one local business reached out for help after experiencing a three-day outage that crippled their office. However, after some intervention, technicians were able to restore services. While this may seem like a minor inconvenience, the reality is that outages like these can have a significant impact on a business’s bottom line.

As an insurance executive, it’s your job to help businesses prepare for and mitigate the risks associated with these types of events. Here are some common misconceptions about insurance coverage during outages and what businesses can do instead:

1. “My general liability insurance will cover any losses during an outage.”

While general liability insurance can protect your business from bodily injury and property damage claims, it typically does not cover losses related to outages. Instead, businesses should consider purchasing business interruption insurance, which can provide coverage for lost income and extra expenses incurred during a covered outage.

2. “I don’t need insurance because outages are rare.”

While outages may not happen frequently, they can still occur at any time and have a significant impact on your business. It’s important to have a plan in place and the right insurance coverage to protect your business in the event of an outage.

3. “I can’t afford insurance coverage for outages.”

While insurance coverage may seem like an added expense, the cost of not having coverage can be much higher. Without insurance, businesses may be forced to cover the costs of lost income and extra expenses out of pocket, which can be financially devastating.

Instead of relying on misconceptions about insurance coverage during outages, businesses should take proactive steps to protect themselves. This includes developing a business continuity plan, investing in backup power and communication systems, and purchasing the right insurance coverage.

At Riskwolf, we understand the unique risks that businesses face during outages and other unexpected events. That’s why we offer parametric insurance solutions that use real-time data and dynamic risk modeling to provide fast and reliable coverage. With Riskwolf, businesses can have peace of mind knowing that they are protected in the event of an outage or other unexpected event.

Don’t wait until disaster strikes to protect your business. Contact Riskwolf today to learn more about our parametric insurance solutions and how we can help you prepare for the unexpected.

Source: Yahoo News