How do you prepare for unexpected business or personal tragedies?

As an entrepreneur, you work hard and put a lot of effort into making your business successful; however, there are a lot of things out of your control that could negatively affect your business. The economy could tank, the world could end up in a terrible war, all our new technology could fail and leave us helpless, a natural disaster could strike your town, or any number of other events could occur that would put you in a difficult or dangerous situation.

While worrying about all that could go wrong will do no good and get you nowhere, there are things that you can do to prepare in case such an event takes place.

For example, you can purchase insurance to protect your home and business in the case of a flood, fire, or earthquake. Since tsunamis are a threat in Asia, you can build or buy your home and office out of the danger zone, if possible. If the economy were to tank, you could keep a separate emergency fund stashed for the tough times.

Although you may not be able to control or keep certain things from happening, there are things you can do to prepare and make the best of the bad situations and keep your business afloat.

The following are four things that you may not plan on happening, but you should be prepared for all the same. If one or more does happen to occur in your lifetime, you’ll be glad you were ready.

Also read: Lessons for entrepreneurs in the wake of disaster

1. Natural Disasters

Asia is no stranger to natural disaster. Throughout history, its countries have been subject to everything from tsunamis to famine. Some of the worst natural disasters in Asian history include famine, floods, earthquakes, cyclones, and tsunamis. As beautiful as the climate is in many countries, it’s not without its dangers.

While natural disasters like that are completely outside of your control, there are things that you can do to protect yourself, your family, home and belongings, and business. Insurance is available for most natural disasters, which will help you rebuild and replace belongings and equipment that may have been lost. You can also install certain features or choose to operate out of a building that is built specifically to withstand disasters like earthquakes, minimising the damage.

It’s also important to put an emergency plan in place that will give you a chance to survive in case help doesn’t arrive right away, as well as one to help employees know what to do in case of evacuation, especially if technology fails. We are so dependent on technology these days that if the internet, phone lines, and electricity were to fail (as they have in Puerto Rico and other locations where natural disasters have recently struck), most of us would be completely helpless. While you may not be able to prevent a flood, earthquake, or tsunami, the key is to be prepared in the event you need to survive a few days or longer without access to modern conveniences.

2. Early or Unexpected Death

Death is a part of life, but when it happens too soon or unexpectedly, it can be difficult for the loved ones left behind to process. What adds to the difficulty is the cost of funeral expenses and any unresolved debts, which can have an impact on surviving family members. Having life insurance can ensure those left behind have what they need to mourn in peace. Even if you live a full, long life, having a life insurance policy is a good idea.

One thing most of us don’t consider when we think about death is how our loved ones will access all our private, online accounts. Make sure you have important passwords to online payment systems, banking and insurance information, and even social media accounts available to someone close to you in the event something were to happen to you unexpectedly. Facebook even has settings that allow users to pre-select a few close friends or family members who can handle the technology for you in the event of your death. As an entrepreneur, you should also have a plan in place for your business in the event the unthinkable happens.

Also read: A startup founder’s sudden death sparks a public discussion on work anxiety in China

While everyone hopes for a full, long life, having a plan in place will help your loved ones resolve issues more quickly and could even benefit your business by enabling loved ones to keep it running (or resolve debts and dissolve the business, if necessary).

3. Data or Identity Theft

If you’re like most people, you likely pay your bills and access your bank accounts online, share intimate details of your life with friends and family on social media, and do at least some of your shopping with online vendors. As an entrepreneur, you likely run some part of your business online as well.

Unfortunately, all this electronic exchange can put sensitive data — and even your very identity — at risk for hackers, scammers, and thieves. Whether you want to protect your 401k and other financial assets, keep those photos you posted of your children from prying eyes, or ensure your business information is protected from competitors, it’s important to learn about potential 401k warning signs and other indicators of data and identity theft to protect yourself and your business.

4. Personal Injury

Approximately 700 people are killed in traffic accidents every day in China alone, and every year more than 50 million people suffer personal injury. Technology risks killing us, with accidents caused by texting while driving and taking unsafe selfies on the rise. While practicing safe driving and being conscientious of where you walk can help you avoid serious accidents, personal injury is sometimes out of your control.

Unfortunately, the hardships of personal injury aren’t limited just to the physical pain that you suffer—the insurance, legal proceedings, and other personal injury aftermath take a toll. As an entrepreneur, it could affect your ability to work and have serious impacts on your business. While you may not be able to avoid personal injury completely, you can hire an attorney and take precautions to protect yourself from injury in the first place.

While certain events in life are out of your control, there are things you can do to prepare in case they happen. Whether you build an emergency savings in case you lose a job or take out a life insurance policy to take care of your family and business in the case of unexpected death, being prepared can help ease the worry you feel about your family and business and make the difficult times a little more bearable.

How have you prepared for unexpected events?

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