Small business owners should never have to make the choice between keeping their home or ensuring that their company can stay open. It is crucial for organization heads to fine-tune a commercial insurance policy that is as unique as its daily operations and products or services offered.
Sticking to the basics is not always enough, especially when it comes to finding commercial property insurance that can account for every nook and cranny of a business and keep companies protected against the unexpected.
Staten Island businessman debates rebuilding options
Take Ralph Lucci, owner of the Automobile Film Clubs in America, for example. Based on Staten Island, Lucci's organization has had a role in New York film and television productions since 1993, according to The New York Times. However, Hurricane Sandy submerged the 6,000-square-foot lot and 57 cars in saltwater.
Lucci told the Times that it took just five hours to destroy his business, adding that his mechanics tell him that all of the vehicles are now junk. He estimates that it will cost $400,000 to replace the cars and refurbish the office, the shop and the equipment. While the automobiles were insured, they were only covered against liability.
New York City has been offering emergency loans up to $25,000 - and Lucci was approved for one - but he said that it would hardly make a dent in the damages. In addition to a fixed-rate disaster loan, the business owner said that he would have to put up the home he shares with his wife as collateral.
"I don't know how I'm going to pay it back," he said. "I'll finish paying when I'm 90. I might not be here."