Nearly one in four businesses will experience a significant crisis in any given year, and of those businesses that experience a disaster, without sufficient New Jersey small business insurance, 43% of those operations will never reopen their doors. Whether you have set up a home-based business, are a local retailer or restaurateur, or a small wholesaler, you need a policy that will help you to protect against the many exposures that businesses face on a daily basis.
After all, if your business is shuttered for a prolonged period of time how can you possibly continue to meet your customers’ needs? Insurance can protect your company from everything from slips and falls and pollution liability concerns, to property and flood damage, as well as equipment failure. These are just a few of the exposures you are likely to face at one time or another.
Most small businesses unable to cope with a major disaster
Frankly, small businesses are often quite vulnerable in a crisis. This is simply because they’re unprepared for a major disaster when it hits an area in which they operate. There are many ways in which small businesses suffer greatly in the event of hurricanes, fires or floods. In addition to being unable to cater to their customers there are payroll issues, property and product damage, and possible relocation costs to consider.
While many business owners and entrepreneurs are qualified to run the type of businesses they own and operate, they don’t always consider what steps might be taken in the event that their business is damaged or destroyed, either completely or partially, and what steps to take when they can no longer provide the services that allow them to pay the expenses of running a small business.
There are plenty of things that businesses owners can do to prepare for when a disaster strikes, like forwarding calls in order to continue receiving orders they’re able to fill, or having staff clean up in the aftermath of a flood until a contractor is able to do the work. The emergency responder community can also take steps to help minimize any impact on the local business community.
While it is critical for small businesses to take the necessary steps to disaster planning, ultimately these entrepreneurs will need adequate amounts of New Jersey small business insurance to see them through.