As a small to medium-sized business owner in Arizona, watching the news about tornado damage in Oklahoma or New Jersey from Hurricane Sandy, it could be easy to think, "That will never happen to me." While the exact same type of storm might not occur, there is still an important lesson to be learned. Should an unexpected event happen, and you do not have a comprehensive Arizona business insurance policy, the recovery process could be expensive and devastating in of itself.
The Washington Post recently discussed how many small businesses that were affected by Hurricane Sandy are still waiting for assistance from the U.S. government. This news does not bode well for those owners who reside in Oklahoma. According to the article, the Small Business Administration has approved one out of four loan applications.
SBA spokeswoman Emily Cain told the news source that her organization has been working diligently to get through every application, but some have become lost in the online process. Even so, not counting withdrawn applications, the SBA approves 40 percent of disaster recovery loans.
Brenda Hopper, New Jersey's director for the network of Small Business Development Centers, told The Post that even that type of response is not enough.
"That's not high enough, not after a disaster," Hopper said. "There are still a lot of small-business owners who are still waiting or who did not get a loan, and they need this assistance."
While there is not yet data on Oklahoma businesses yet, those operating in Arizona should contact commercial insurance specialists. That way, they can rest assured that their business insurance policy - or set of policies - can cover their company for daily operations as well as unforeseen events.