Commercial property insurance should be at the top of every entrepreneur's checklist when he or she starts a company. When this necessity is overlooked—or a current policy is not updated—owners could face a long road to recovery.
The tornado that swept through Moore, Oklahoma last month is one example of organizations being forced to rebuild.
"Dozens of businesses were damaged or destroyed by the massive Moore twister," explained a Huffington Post article. "Of these, some were big-box stores and chain restaurants, which in some instances shifted employees to other locations. Others, though, were local operations, the kinds of places that become fixtures in a community and are difficult, if not impossible, to replace."
For example, the news source said that local hair salons suffered greatly in Moore and the surrounding areas. Two were completely destroyed, while about six others were close to destruction—services like power and phone lines were down.
Sharese Tate was the owner of one of the demolished salons, and explained to the Huffington Post that those organizations without insurance will have to pay for repairs with their own money. It can quickly become expensive, Tate explained, as one good pair of shears can cost $300.
CNN Money spoke with Mark Shuman, who owned a restaurant that was destroyed during the tornado. According to Shuman, he's grateful that his family was safe and was devoting much of his time to helping others recover. However, his own bank account will be at $1,000 at the end of this month, after he ensures that payroll and bills are paid.
For Nevada business owners, a tornado might not be nearly as likely as in Oklahoma, but company leaders should still take note of the aftermath. Recovery processes are hardly easy, but without the right Nevada business insurance policy, it could be even more difficult and expensive.