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Last-Minute Planning to Prevent Business Interruption

Floods and other natural disasters can complicate business operations.

With all the other pressing issues that distract CFOs and corporate boards - the Dodd-Frank Act and accounting standards, to name a few - executives may give in to the temptation to push disaster recovery planning off to the side. This procrastination can come back to haunt a business if a catastrophic event derails its operations or those of a partner, leading to financial losses and other problems.

Luckily, just because the weather report indicates stormy skies are on the horizon does not mean there isn't anything you can do to remedy a lack of preparation.

InStar Services Group issued preparation advice for businesses that have properties in an area that will soon be hit with severe weather. Some of the last-minute steps companies can take include taking stock of all physical assets, as you will need to report any damage they suffer to an insurance agency. Additionally, go over insurance policies to see what coverage the company has, InStar says.

CFOs should also coordinate with other departments, including the information technology branch, to determine the best course of action for protecting sensitive databases, as well as hardware and software.

As the University of Phoenix points out, "data is one of a company's most valuable assets," so it's important to assess the short- and long-term effects of a loss and assess your company's risk.