Why personal savings might not be enough to finance recovery

Small to medium-sized business owners in the southwestern area of the United States are not likely to have identical concerns to company heads that operate out of Florida or Minnesota. However, regardless of location, it is crucial for entrepreneurs to not rely on personal savings should a natural disaster impact daily operations.

For example, businesses on the East Coast continue to be impacted by the long-lasting effects of Hurricane Sandy. As a Nevada business owner, you might not have to worry about hurricanes for severe weather, but it is important to take note of how unexpected events can affect your company.

Kevin Alexander, executive director of the Rockaway Development and Revitalization Corporation (RDRC), explained to Entrepreneur Magazine that before the hurricane, 1,100 businesses were operating through the Rockaway and Broad Channel areas - located in New York. However, as of the end of April, Alexander estimated that just 700 to 750 were currently open. 

"There's still a significant loss right now," he said. "And even those businesses that are open [again] are still concerned that they might not stay open."

Alexander added that local business owners share a resolve to come back bigger and stronger than before, but he acknowledged that the process would not be easy.

Should something happen to your Nevada-based company, having a comprehensive Nevada business insurance policy will be exceedingly helpful to any sort of rebuilding process. Flood insurance might not be necessary, for example, but perhaps your firm could benefit from a general liability policy. Speaking with commercial insurance specialists, who are knowledgeable about your industry and the location of your business, can help you find the best coverages.




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