Hurricanes and your business

11/5/2019 (Permalink)

Hurricanes often cause billions of dollars' worth of damage. Even if your business has insurance, it likely will not cover all of the damages that you incur. Further, it could be a long and drawn out process to receive payment for your claims at a time when you can ill afford to wait for funding.

One major issue related to extreme weather events and insurance coverage (highlighted by Super Storm Sandy) was the distinction between whether damage was caused by wind or by storm surge. Wind damage is generally covered in the policy, whereas storm surge or flood damage requires a rider to a policy-holder's coverage; or even a separate flood insurance policy.

In planning for the future, if you lost revenue because you did not invest in a generator, don't make the same mistake twice. Purchase one so that you have it before the next storm hits. Further, if you company has been performing well, apply for a business line of credit, which differs from a business loan because it is a lump sum of cash that is available in times of need. A line of credit can provide a financial lifeline in times of emergency or even during periods of seasonal cash flow tightening. The best part about it is that once a line of credit has been established, you can begin drawing against it immediately – even if you’ve also applied and are waiting for an approval for an SBA Disaster Loan.

https://www.forbes.com/sites/rohitarora/2018/09/10/seven-tips-to-help-your-small-business-recover-from-hurricane-damage/#68c1b5a1e49e

SERVPRO of South Arlington is here for all of your restoration needs.