Weathering the Unexpected

Hurricane season is underway! Businesses and consumers must be prepared for emergencies, and that not only means planning for personal safety, but also preparing financially.

Business Finances

It's critical that you maintain an emergency fund ahead of any major storms. For this, it's a good to be able to cover three to six months of operating expenses if possible. Plan ahead for cash flow management in case of a storm so that the disruption doesn't leave too big an impact. Your emergency fund will help, but it can ¬also help to have a revolving business line of credit and flexible terms with suppliers.

Make sure you also have the right insurance, so you are covered for hurricane and/or flood damage. Business Interruption Insurance is worth looking into in case you are forced to cease operations for some time.

Financial records and other important documents should be backed up regularly, so they are accessible if paper documents are destroyed or lost in a storm. You should also maintain a detailed list of inventory and business assets to keep track of damages. Maintain photos and receipts of inventory, supplies, and equipment. This can help when it comes time to file insurance claims.

If you haven’t already, be sure to enroll in American Bank’s online and mobile banking so you can bank from anywhere. You can even use online banking to export ACH templates so files can be submitted via email in the event of a weather interruption or business disaster.

When the storm hits, protect your property by securing it as much as possible. For example, you can move equipment to safer places, and board up doors and windows. Ready.gov recommends safeguarding chemicals, consulting with a professional to elevate electrical equipment, and installing any necessary shelter.

Read the Ready.gov Hurricane Preparedness Checklist for Businesses

Once the storm has subsided, thoroughly assess the damage, file any necessary insurance claims, and investigate financial assistance and disaster relief options as needed. Beware of scams as criminals often take advantage of disaster situations to prey upon those looking for relief.

Personal Finances

You also need to make sure you and your family are financially prepared for hurricanes and major storms. Keep your personal finances in good health by taking precautions such as maintaining an emergency fund, getting the right insurance, backing up important documents, and photographing the valuable items of your home. Also, consider keeping a predetermined amount of cash on hand to prepare for power outages that prevent you from banking. Try to keep at least enough to cover expenses for a week or two.

Minimize your spending so you can conserve your emergency fund and cash on hand. Do your best to secure outdoor items, as well as valuable items you have inside. The American Red Cross recommends anchoring heavy or dangerous objects, protecting windows, keeping trees well-trimmed, and cleaning out drains and gutters.

View the American Red Cross Hurricane Safety Checklist

Just as with a business, assess any damage after the storm, file any necessary claims and investigate financial assistance. Ask your local banker about what options might be available. Remember That We Are Here for You In the event of a disaster, keep an eye on American Bank's website and social media posts for important banking information. We actively monitor storms and will post alerts about altered banking hours, the status of branch locations, and other instructions or information of importance to your banking relationship with us.

You can also access our AllPoint Network if you need to withdraw cash quickly. Our partner, Allpoint, gives you access to 55,000 ATMs across the world.,/p>

Locate an ATM near you

If you need assistance or would like to discuss post-disaster circumstances that are affecting aspects of your account or loan relationship, please contact your banker. Nothing means more to us than helping our clients.