As an insurance executive, you know that unexpected events can cause major disruptions to your business. One such event that has become increasingly common in recent years is fiber cuts. These cuts can knock out internet services for hours or even days, leaving businesses and individuals without access to critical information and communication tools.

A recent article from Island Free Press highlights the impact of a fiber cut in Nags Head, which caused an outage for Spectrum internet customers on Hatteras and Ocracoke islands. The damage occurred during a project to replace pipes running under U.S. 158 and N.C. 12, and a truck and trailer owned by a company specializing in fiber optic cable splicing and repairs was seen inside the work zone.

To help you avoid similar disruptions to your business, we’ve compiled a list of common statements related to fiber cuts and what you can do instead to minimize the risk of an internet outage.

1. “We don’t need to worry about fiber cuts because they’re rare.” Instead: Recognize that fiber cuts are becoming more common due to increased construction and maintenance activity in areas where fiber optic cables are located. Take proactive steps to prepare for potential outages.

2. “We don’t need to invest in backup internet services because our provider is reliable.” Instead: Consider investing in backup internet services, such as a secondary provider or a mobile hotspot, to ensure that you have access to critical information and communication tools in the event of an outage.

3. “We don’t need to monitor construction activity near our fiber optic cables because it’s not our responsibility.” Instead: Stay informed about construction activity near your fiber optic cables and communicate with contractors and local authorities to ensure that proper precautions are taken to avoid damage.

4. “We don’t need to have a plan in place for internet outages because they’re unpredictable.” Instead: Develop a plan for how your business will operate in the event of an internet outage, including how you will communicate with employees and customers and how you will access critical information.

5. “We don’t need to consider parametric insurance because we have traditional insurance coverage.” Instead: Consider parametric insurance as a complement to traditional insurance coverage, as it can provide faster payouts and more predictable coverage for events such as fiber cuts.

By taking these steps, you can minimize the risk of an internet outage caused by a fiber cut and ensure that your business is prepared to handle unexpected events. And if you’re interested in learning more about how parametric insurance can help protect your business, get in touch with Riskwolf to see how we can help. With Riskwolf, you can turn real-time data into insurance and build and operate parametric insurance at scale. Simple. Reliable. Fast.

Source: Island Free Press