5 Tips for Restoring Your Business Following a Flood

Updated:
July 12, 2018

Recently, Ottawa has experienced some of the worst floodings in decades, and torrential rain has led to mandatory evacuations and a state of emergency in parts of the country. Flash floods are extremely common and can occur within minutes of excessive rainfall, a dam or levee failure, or a sudden release of water held by an ice jam.

Floods can be miserable ordeals, even with extensive preparation. They can spring up with little to no warning and burden you with the responsibility of a lengthy, expensive restoration period. To properly restore a business after a flood, consider the following five tips:

  1. Notify your insurance broker. Take pictures of contents and damage for your insurer. The more pictures, the better.
  2. Check for structural damage before entering the building. Do not enter if there is any change it may collapse. Assume that all water-damaged structures are unstable until proven otherwise.
  3. Use a pump and generator to remove water. Position the generator outside in the open air if it produces carbon monoxide. Only pump out water once the flood levels outside your property are lower than they are inside.
  4. Make the most out of an unfortunate situation by using your flood damage as an opportunity to repair your property with flood-resistance products.
  5. Remember, the ultimate preparation for a flood is proper insurance. Be sure to purchase a comprehensive policy that accounts for business interruption and is tailored to your specific industry and location.

FAQs

What is financial advising?

Financial advising involves providing guidance and advice to individuals, families, or businesses to help them make informed decisions about their financial matters. This can include various aspects such as investment planning, retirement planning, tax planning, estate planning, and more. Financial advisors analyze their clients' financial situations, goals, and risk tolerance to create customized strategies that align with their objectives.

Why is financial planning important?

Financial planning is crucial for several reasons:

Goal Achievement: It helps individuals set and achieve financial goals, whether they are short-term, such as buying a home, or long-term, like funding a comfortable retirement.

Risk Management: Financial planning addresses risks by considering insurance, emergency funds, and other protective measures.

Budgeting and Saving: It promotes responsible money management through budgeting and saving, fostering financial stability.

Wealth Building: Effective financial planning can lead to wealth accumulation and the creation of a secure financial future.

Can financial advisors help with debt?

Yes, financial advisors can help with debt management. They can assess your overall financial situation, create a budget, and develop strategies to pay down debt efficiently. They may also negotiate with creditors on your behalf, provide debt consolidation recommendations, and offer guidance on prioritizing and managing debt repayment.

What exactly does a financial advisor do?

The specific responsibilities of a financial advisor can vary, but generally, they:

  1. Conduct a thorough analysis of a client's financial situation, including income, expenses, assets, and liabilities.
  2. Develop personalized financial plans based on the client's goals, risk tolerance, and time horizon.
  3. Provide investment advice and portfolio management services.
  4. Offer guidance on retirement planning, estate planning, tax planning, and insurance.
  5. Monitor and adjust financial plans as needed based on changes in the client's life or market conditions.
  6. Educate clients on financial matters and empower them to make informed decisions.
What is the average fee for a financial advisor?

The fees charged by financial advisors can vary widely based on factors such as the advisor's experience, the services provided, and the region.

Common fee structures include:

Hourly Fees: Advisors charge an hourly rate for their services.
Flat or Fixed Fees: A set fee is charged for specific services or a comprehensive financial plan.
Asset-based Fees: Fees are a percentage of the assets under management (AUM).
Commission-based Fees: Advisors earn commissions on financial products they sell.
Combination of Fees: Advisors may use a combination of the above fee structures.
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It's important to discuss and clarify fee arrangements with a potential financial advisor before engaging in their services.