In an article from HNBA’s Noticias, partner Sergio Oehninger and associate Teri Diaz explain that in the wake of catastrophic events, businesses are exposed to devastating economic losses and property damage. Over the last year severe weather events including Hurricane Ida, extreme winters, tornadoes, and storms have wreaked havoc on businesses, with some estimates reaching $110–120 billion in global insured losses in 2021.
To minimize business interruptions from catastrophic events, businesses should evaluate existing insurance policies and pursue insurance recoveries. Additional or different coverages should also be considered to better account for specific operations and risks going forward.