Business Recovery Tips

Business Flood Recovery Checklist

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• Contact your insurance agent.

  The Tennessee Department of Commerce and Insurance offers these tips on interacting with insurance companies:

  • Locate a copy of your policy and read through it.
  • Contact your insurance carrier or your agent as soon as possible after damage to provide notice that you have incurred a loss. Avoid statements that assume the extent of your loss until you are able to do a full assessment.
  • Make a thorough inventory of all missing or damaged items.
  • Take pictures inside and out for documentation before repairs are made.
  • Secure and protect your property against further rain or other damage without making permanent repairs, so an adjustor can see the full extent of damage.
  • Keep receipts for any expenses required to protect your property from further damage.
  • Follow the claims-filing procedure set forth in your policy. If there is a dispute, follow the company’s dispute process.
  • Settlement offers from insurers can be negotiated. You don’t have to take the first offer.
  • If you have issues with an insurance company, call the Department of Commerce and Insurance at 1-800-342-4029.

• Begin your business documentation and records recovery process.

  If your business has printed documents that are vital to your operations or clients, it is important to begin the recovery of these documents as soon as possible. The Tennessee Bar Association has provided a great outline of how to go about the records recovery process, including tips on prioritizing damaged documents, destroying beyond-repair records and the documentation of this, storage of damaged documents to help slow down the disintegration and more.

• Turn off electric, gas, telephone, water, etc. and restore when you are rebuilt.

  Make sure to contact your local electric, gas, telephone, water and any other utility companies to temporarily turn off service until you are re-established. Otherwise, you may be billed for service not used. When your business is ready to re-open, call these utility companies to return service.

• Re-establish communications with employees, customers and suppliers.

  Contact your employees to set up temporary office procedures. Communicate to customers your status of operations, how they can reach you and your temporary location (if applicable). Contact vendors, post office and other delivery services to let them know of your location or to stop delivery services temporarily.

• Assess flood-related damage to your business.

  Once it is safe to enter your building or office space, begin assessing damage to determine what, if anything, is salvageable and how long recovery efforts might take. Note structural, equipment and property damage, including inventory, materials, etc.

• Check on financial assistance.

  If you are interested in obtaining government assistance for your business, you must first register for assistance through FEMA at www.fema.gov/assistance or call 1-800-621-FEMA to obtain an application number.

  Once you’ve completed your FEMA application, your business might be eligible for a federally subsidized SBA loan to help pay for damages not covered by insurance. Apply at https://disasterloan.sba.gov/ela/Default.aspx or 1-800-659-2955. The SBA will arrange for someone to come to your business and inspect the damages. If you don’t qualify for an SBA loan, you will be rerouted back to FEMA to see if there are any grants available to help.

  For more detailed information on seeking government financial assistance, see Congressman Jim Cooper’s Report on FEMA Assistance for Flood Victims – a step-by-step guide on getting help to rebuild your business.

• Clean your facility.

  Again, ensure the safety of the building before entering. Begin the cleanup of your office space/facility, taking all health and safety precautions. Visit the Metro Public Health Department’s website for some tips on re-entering a flooded space, flood water safety, protecting against mold, etc.

  For assistance in the cleaning process, review a listing of businesses providing various flood recovery services or see coupons from businesses offering services. And, be sure to document and take pictures of everything that may be disposed of.

• Have your building inspected.

  If you own the office building, get an inspection to ensure the safety of the office structure for you and your employees. You may request inspection through the Metro Department of Codes and Building Safety using their online system. If you lease space, consider contacting the building owner and asking if they will be conducting an inspection.

• Contact your attorney and/or accountant.

  There are various possibilities in regards to your taxes and unemployment insurance that you may want to discuss with your attorney and/or accountant. You may be eligible for tax deductions on certain losses, with the possibility of claiming a federal casualty-loss deduction in the 2009 tax year if your business is in a federally declared disaster area.

  In addition, if your employees are not eligible for regular state unemployment benefits, you may qualify for Disaster Unemployment Assistance (DUA). For more information on DUA, read this release from the Tennessee Department of Labor and Workforce.

• Rebuild and flood-proof your building.

  When you’re ready to start rebuilding, be sure to contact the Metro Department of Codes and Building Safety to obtain the appropriate documentation. For more information on permit guidelines associated with flood repair of buildings, review this document prepared by Metro Codes: Flood Repair Information.

  Mayor Dean has proposed a fee waiver for permits to rebuild businesses affected by the flood.