Extreme Weather and Your Business
Extreme weather and fire can affect anyone, and getting back up and running can take longer than you think. Today, for a business to prepare and bounce back from the unpredictable, it takes new data and technology in two areas - industry-specific readiness to better weather the event, and tech-enabled insurance claims specialists to help get business back to normal.
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Text, Extreme weather and your business. Voice of Jim Wucherpfennig.
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JIM WUCHERPFENNIG: From hurricanes in Texas to wildfires in California, there were 16 separate billion-dollar disaster events in the United States during 2017. They caused more than $300 billion in damages. Extreme weather and fire can affect anyone, like this distribution company that supplies to local hospitals, schools, and businesses. When a disaster happens, your whole building, and everything in it, could be damaged. The equipment that keeps your company running, the records you depend upon, and then there's all of your inventory. Plus, your customers may go elsewhere while your business is down. That's lost income.
Getting back up and running may take longer than you think. Fire, police, and other agencies have to finish investigations, and getting permits takes time. How can businesses prepare and bounce back from the unpredictable? Today, it takes new data and technology in two areas, industry-specific readiness to better weather the event, and tech-enabled insurance claim specialists to help get business back to normal. Dynamic geospatial data shows what could happen and helps business leaders prepare for what does happen to a business.
We also use predictive models to look at weather forecasts. Now we can reach a business with the right people and resources even before an event. At Travelers, we're using this technology, and more, every day. Tracking weather down to your location lets us assess the actual risk for a business. So you're only paying for risks to your location, not the whole state. With the most drones in the industry, we can quickly see on-site damage and help speed up recovery. Risk specialists for readiness, claim specialists for fast recovery, both equipped with new data and technology.
But it's more than that. It's helping people help one another. One of our business customers saw their whole assembly line taken down after a brutal hurricane. So we found a nearby customer who let them use their assembly line after hours, keeping the business up and running while we worked on restoring their facilities. I'm Jim Wucherpfennig, Travelers' vice president of Property Claim.
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Text, Travelers dot com. Hash tag harness risk.
2017 Travelers Risk Index.
Coverage provided by Travelers Casualty and Surety Company of America and its property casualty affiliates, Hartford, CT 06183. Coverage for all claims and losses depends on actual policy provisions. Availability of coverage depends on underwriting qualifications and state regulations. Copyright 2018 The Travelers Indemnity Company. All rights reserved. Travelers and the Travelers Umbrella are registered trademarks of The Travelers Indemnity Company in the U.S. and other countries.
