Business owners: Review insurance coverage before hurricane season
At the Governor’s Hurricane Conference this week, we delivered a presentation on what small-business owners need to know about insurance. It was titled “Coulda, Woulda, Shoulda” because, unfortunately, that’s a lament heard after disaster. If you own a business, do everything you can now to put your business in a position to survive.
There are dozens of business insurance coverage options, and a small business probably doesn’t need them all.For some businesses, a standard Business Owners Policy might be sufficient. But one size does not fit all. The more complex your business, the more insurance you need. Start with an assessment of your risk. And, take off the rose-colored glasses. A risk assessment is a strategic tool to help manage all types of possible calamities, and preparing for them gives a business a better shot at surviving them.
The National Federation of Independent Business has some tips for running a business amid disaster. The tips come from businesses that survived hurricanes in Louisiana. I was in New Orleans earlier this week and toured some of the areas being rebuilt after Hurricane Katrina. A resident was explaining how a bank earned his loyalty. It was among the first structures rebuilt in his neighborhood, and its dedication to serve locals with a quick reopening made him move his money there. He said that display of resiliency earned the bank his business for life. That’s a testimonial to bank on!
The I.I.I. has business insurance resources to help businesses prepare and to help guide an annual conversation with an insurance professional. The Insurance Institute for Business & Home Safety has resources on business continuity planning. Start your recovery plan; it puts the odds in your favor.