Record Flooding Continues in the Midwest

Farms and roads in the Midwest are being flooded as rivers continue to overflow, hitting record heights. The National Guard and state patrol have had to rescue over 175 people while 660 people are currently in evacuation shelters. The flooding is expected to continue as the forecast brings more rain into next week.

Farmers, who have already experienced financial losses due to the trade war with China, are falling behind on planting their crops. Corn crops are also being affected. Ethanol, the corn-made biofuel, is at its highest price in a seven month period. Aside from crops, livestock is also being affected. Ranchers are delivering hay and feed by boat to stranded cattle. Livestock death tolls have yet to be assessed. Transportation has also been distressed, with some railway lines along the Mississippi River being expected to be out of service through Wednesday.

The costs that are associated with a natural disaster can threaten any business. Property damage, loss of income, and potential hazardous material cleanup are all major costs associated with natural disasters of all types. Whether it be a fire, flood, or wind damage, it is important to be protected by the financial aspects associated with a natural disaster.

How can you prepare for a natural disaster? It is at times like these that insurance becomes invaluable. Property insurance covers your company’s building, contents, and property in case of theft, damage, natural disasters, and fires. Business income insurance covers loss in income from the closing of your facility through the rebuilding process. Research your area and make sure to cover yourself for any potential natural disasters. Be clear about the coverage your business needs. Property insurance may not cover all natural disasters. Be sure to review your property and income insurance policies so you can know what they do and don’t cover.

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