Small businesses are being urged to prepare for the winter to avoid being left out in the cold. Traditional winter storm or weather damage can cause small business who are underinsured to pay out thousands of dollars. Companies that don’t have contingency plans and the right business insurance in place this winter could be putting themselves at a serious risk.
Small and medium sized business should take out business interruption insurance as well as insurance to protect your inventory.
Damien McGarrigle, from Lloyds Bank Business Insurance, says: “Small businesses without adequate insurance are taking huge risks.”
"Not only are they extremely vulnerable in the current financial climate, but being forced to close for any amount of time could have a devastating effect.
Unforeseen events such as extreme winter weather can close businesses for days or even weeks while repairs are carried out and inventory is replaced. This could spell financial ruin for some companies.
- Buildings insurance could prevent hefty repair bills for storm damage and water damage from frozen burst pipes.
- Business interruption coverage can guard against loss of income if an emergency disrupts your business.
- Inventory is a key asset – coverage is designed to help replace ruined or unsalable items.
For more information or to have your business insurance policy reviewed, contact TriState Business Insurance.