Work with commercial insurance specialists to keep policies current

It is unrealistic to think that your personal television, music or even book choices will always stay the same. Different factors will be put into play over time, altering what you choose to watch, read and listen to. The same can be said for general business insurance policies. It will not benefit an owner, especially those of small and medium-sized companies, to think that it is a one-time process.

Organizations can change over time. As new locations are built, varying weather patterns might need to be taken into effect for one location and not the other. Neighborhoods evolve, which could affect other insurance coverages. Without keeping policies up-to-date, should unforeseen events take place, the recovery could be long and expensive for owners.

Dominick Gueli is one month away from reopening V & S Pizza on Emmons Avenue, which is in the Sheepshead Bay neighborhood of Brooklyn, New York and suffered heavy flood damages from Hurricane Sandy.

"I don't know if I will be able to stay in business," he told the New York Daily News. "A lot of people moved out of the building we're in. Everybody's been devastated in our neighborhood; there aren't as many customers."

Gueli and his business partner had to borrow $100,000 from friends and family in order to reopen, as their insurance did not cover the damages.

Bay Improvement Group President Steve Barrison told the news source that he predicts 20 percent of Sheepshead businesses that reopen will fail because of big debts and a smaller post-storm customer base.

He said that the "mom and pops are hurting" and he hopes the neighborhood merchants are able to benefit from the $185 million in federal aid the Bloomberg Administration set aside for city businesses.

Company heads are well-advised though, to work with commercial insurance specialists, to guarantee that their coverage stays current and remains applicable to daily operations.

 

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