Invest in business insurance now to avoid hassles later

Murphy's Law states that anything that can go wrong, will go wrong. When it comes to finding the proper insurance coverage for your small to medium-sized business, this saying might be a little dark, but it holds some truth to it. If company owners do not have a comprehensive policy that can account for the unexpected, then it will be much more difficult to recover after the fact.

For example, when severe weather happens, business owners might assume that whatever is not covered by insurance can simply be replaced. However, it is not always so simple. Recovery can take time and be expensive. Additionally, an organization might have to temporarily shut down while repairs are made. Those lost business days can also become costly. 

A recent survey by The Hartford found that businesses impacted by Hurricane Sandy took an average of seven days to reopen, primarily because of connectivity and power issues. Out of the 451 Tri-State area companies interviewed, 74 percent had to close their doors for a period of time.

A contribution piece for the website Property Casualty 360 examined the results, and said that over the long-term, businesses affected by the superstorm will need to make financial adjustments.

"Businesses that made advance preparations, such as having emergency communication systems in place and the 25 percent of those surveyed who said they created backup copies of critical data and programs, were in a better position to reopen after the event," explained the article.

Furthermore, when it comes to recovery means, 35 percent of respondents said they will re-evaluate their business strategy and 32 percent will cut costs. There were also 25 percent that said it will be necessary to either scale back or stop hiring new employees.

The assistance of commercial insurance specialists can help business owners find the right policy that will help them bounce back quickly after bad situations.




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40169 Truckee Airport Rd. Ste #203
Truckee, California 96161
Phone (800) 579-6369
Fax (530) 582-6007
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