Small and medium-sized business owners can see their company's normal routine affected by numerous events. Some of them are expected, but others will be unforeseen. The important thing to remember though is that it is never a hindrance to be overprepared. For example, some organization heads might ask, why do I need to worry about rain? But then, Hurricane Sandy hit.
The superstorm that ravaged the East Coast five months ago had long-lasting effects and pushed many businesses into expensive recovery modes. Not only can property be damaged in situations like this, but other areas of a company can be affected. What if your organization relies on deliveries and your vehicle was damaged? Standard insurance will not be enough, which is why commercial auto insurance is important.
Furthermore, just because your company is not located near a river or a lake, flooding can still occur. Basements can be impacted from immense rainfall, or a burst pipe can ruin sale items. Without the right insurance policy, owners could be making repairs out-of-pocket.
Take Totonno's pizzeria in Coney Island, which recently reopened after suffering damages from Hurricane Sandy. The family-owned shop spent close to $150,000 to replace the oven, refrigerators, air conditioners, electrical wiring and even cash registers, according to The New York Daily News.
Antoinette Balzano, restaurant co-owner, told the Daily News that it was difficult to gather enough federal loan coverage to take care of the necessary repairs. However, a local bank was able to offer an open line of credit for renovations.
"I couldn't let my grandfather go down this way. Not from a fire or from storms," Balzano said. "I could see if we're too old or something, but the customers need Totonno's."
Loans can be extremely helpful, however, and with a the right insurance policy, owners will never have to wonder if they will be approved or not. Working with commercial insurance specialists can assist in finding the necessary coverage.