Steps Small Business Owners Can Take to Protect Themselves
Business Owners Liability Team (BOLT InsuranceAgency) released an infographic last year, illustrating the staggering impact of natural disasters on small business and the steps owners can take to protect themselves and their businesses.
|Of the thousands of businesses forced to close after a natural disaster, at least 25 percent never re-open and many others struggle to stay afloat.|
The graphic presents a collection of research, statistics, and comments detailing why these owners must act with urgency to undergo the preparation that could save their businesses. Importantly, BOLT provides small business owners tools for creating a business continuity plan to avoid the effects of a natural disaster and other unforeseen risks.
The infographic contains alarming statistics on the financial consequences of natural disasters. According to the Institute for Business and Home Safety, of the thousands of businesses forced to close after a natural disaster, at least 25 percent never re-open and many others struggle to stay afloat. Furthermore, according to the Score Small Business Disaster Report, the economic costs of natural disasters have skyrocketed. In the past 2 decades costs associated with natural disasters in the USA have multiplied five times to more than $600 billion.
In a recent survey, BOLT discovered that well over half of the small business owners interviewed qualified as “underinsured,” meaning that they either had no insurance, the wrong coverage, or were lacking coverage in key areas. 90 percent of respondents did not have adequate knowledge of what can and should be insured in a small business.
The infographic provides small business owners with tips for protecting themselves from sudden, unplanned calamitous events that create an inability for an organization to provide critical business functions, resulting in great damage or loss to that organization. These disasters can result in sales loss, customer loss, property loss, loss or reduction of employees, or data loss. Please visit http://info.boltinsurance.com/small-business-natural-disasters to view BOLT’s infographic. HBM V19-3 Add: 7/12 HP: 9/6/12 Car: