In the latest article, “On the Bright Side: Preparing Your Business For a More Active Sun” in Business Partner Magazine by CIC Services’s Randy Sadler, experts warn that the sun is expected to be the most active it has been in nearly a century, leading to potential risks for businesses. Solar flares and electromagnetic pulses (EMPs) from the sun can threaten expensive electronics and disrupt power grids and communications. To mitigate these risks, companies should consider implementing physical safeguards for their circuits, which can be costly. Solar property insurance can help cover damages to solar energy devices and technology instruments caused by solar events, but it may not cover non-solar equipment. In such cases, captive insurance, where the business owns its insurance subsidiary, can provide tailored coverage. Consulting with a captive insurance company expert is recommended to determine the suitability of this approach for specific business needs.
How to Prepare your business for an overactive sun:
- Implementing physical safeguards for circuits can help protect business equipment from the effects of solar flares and EMPs, but it can be expensive.
- Solar property insurance can cover damages to solar energy devices and technology instruments caused by solar events.
- Non-solar equipment may not be covered under solar property insurance, so alternative insurance options like captive insurance may be necessary.
- Captive insurance allows businesses to create and own an insurance subsidiary, providing more control over coverage and policy writing.