Over the past decade, we’ve witnessed a series of winter weather events that have left a trail of destruction in their wake. In 2021, Texas experienced a winter storm that has since become the costliest winter weather event in U.S. history. Not your run-of-the-mill cold snap; it was a bone-chilling experience, with the National Weather Service reporting temperatures plummeting 40 degrees below average.

The repercussions were devastating. Burst pipes wreaked havoc, and the prolonged freeze left a staggering 10 million people suffering from a power outage during its peak. Tragically, nearly 200 lives were lost, and the financial toll reached an eye-popping $30 billion.¹

The impact of extreme winter weather events on businesses can be shattering. It spells significant damage to commercial buildings and vehicles, lost production, sales, income, and labor time, not to mention additional transportation costs, decreased tourist activity, and utility disruptions. If that’s not alarming enough, a statistic from FEMA and the U.S. Department of Labor reveals 40% of small businesses never reopen following a natural disaster.²

These facts emphasize the urgent need for businesses to take proactive steps to protect themselves from the unforgiving onslaught of winter.

When it comes to winter, knowing your enemy is half the battle. Understanding the winter weather risks your business could face isn’t just smart; it’s essential. It’s about making the right moves to protect your employees and property, even before the first snowflake falls. Here’s how you can get a handle on your winter weather exposures:

First and foremost, businesses should conduct a detailed review and documentation of their unique winter weather risks through comprehensive assessments. These risks vary based on location, industry, operations, workplace conditions, and employee responsibilities. For instance, businesses in colder regions or those relying on outdoor processes may face greater winter weather exposures. By understanding these risks, you can respond accordingly and adopt more effective mitigation methods.

In addition to conducting risk assessments, businesses should make it a priority to understand winter storm warnings. A solid grasp of this terminology helps companies to anticipate incoming weather conditions and prepare as needed.

Here’s a quick breakdown of some essential winter storm warnings to be aware of:

To be aware of incoming winter storms, businesses may rely on proper communication channels and regional alert systems. These include winter storm watches, warnings, and weather advisories from local news stations, mobile applications, and social media platforms. The NOAA’s Weather Radio All Hazards (NWR)offers a nationwide network of radio stations that broadcast ongoing weather updates and forecasts 24/7.

Before cold weather and winter’s icy grip take hold, ensure you’ve covered all your bases to minimize its impact on your business. Review our winter weather checklist to ensure you’re ready:

Winter storms can impact lives and throw businesses for a loop. But with the proper knowledge and strategy, you can weather the storm like a pro.

At MJ, our data-driven, holistic approach to risk management helps us keep you ahead of the curve. We work closely with you to tackle business continuity, interruptions, cyber threats, and other emerging risks. We’ll help you identify and prioritize risks, make solid plans to manage them and keep a handle on your total cost of risk.

So, when winter comes knocking, you’ll be ready! Let’s get you prepared for whatever the future holds.

Contact us today to learn how we can help you develop a robust risk management strategy.