UN Reports Economic Losses from Disasters are "Out of Control"

UN Reports Economic Losses from Disasters are

The United Nations Secretary General recently gave a clear warning to the world's business community: Presently, economic losses from disasters are "out of control" and will continue to escalate unless disaster risk management becomes a core part of business investment strategies. The United Nations International Strategy for Disaster Reduction reported that disasters cause $2.5 trillion in losses - 75% of which private property owners are held responsible for.

Because flood damage is the most common natural disaster worldwide and causes 90 percent of property damage in the US, according to the United Nations International Strategy for Disaster Reduction, it is important for home and property owners, to have a mitigation plan to minimize disruption and loss. A recent UNISDR survey of 1,300 small and medium-sized businesses in six American disaster-prone cities found that three-quarters have suffered business disruptions related to damaged or destroyed power, telecommunications and water utilities. Yet only a minority of the companies surveyed - 14.2 percent of companies with fewer than 100 employees - had even a basic approach to crisis management or business continuity planning.

Whether at work or at home, it is good to have a backup plan. Whether the culprit is a broken pipe, a faulty appliance, an overloaded washing machine, sewage back up, or simply rainwater, a building or house flood can be devastating - and when it comes time to fix water damage, it can be costly. But, you can help minimize the damage and repair costs with just a little planning. Learn more about reducing water damage to your home or property.

More info? Check out our Healthy Home and Business Tips blog next week for property details to investigate before flood season!