Graphic Reveals Devastating Impact on Business Owners and Tools to Protect Small Business from the Unexpected
Farmington Ct. – June 28, 2011 – Business Owners Liability Team (BOLT Insurance Agency) released today its infographic illustrating the staggering impact of natural disasters on small business and the steps owners can take to protect themselves and their businesses. 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.
“A day in the life of a small business owner is filled with all-encompassing aspects of running their businesses profitably and successfully, so it is not all that surprising that building a business continuity plan to prepare for a natural disaster is something often put off,” said Tom Hammond, Executive Vice President at BOLT. “Unfortunately, it only takes one tornado, fire or hurricane to destroy a small business, and take its owner’s personal assets with it.”
In a recent survey, BOLT discovered that well over half of small business owner’s interviewed qualified as “underinsured” meaning they either had no insurance, the wrong coverage or were lacking coverage in key areas. The research showed that most underinsured small business owners felt fairly comfortable because they perceived themselves to be at minimal risk. In fact, 90 percent of respondents did not have adequate knowledge of what can and should be insured in a small business.
“Our exclusive focus on protecting small business owners has taught us that this group is not adequately protecting themselves from risk,” added Hammond. “With this in mind, it’s difficult to even imagine the impact that recent flooding and tornados throughout the country will have on 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. These tips include very specific guidance on the creation of a Business Continuity Plan to identify the company’s exposures to internal and external threats and helps work out systems to effectively keep the business operating in time of crisis.
Please visit http://info.boltinsurance.com/small-business-natural-disasters to view BOLT’s infographic.
BOLT, the Business Owners Liability Team, is a national insurance agency that exclusively protects the owners of small businesses. BOLT agents help business owners choose the right insurance products to fully protect both their businesses and themselves personally. BOLT offers an on-line and interactive experience with leading carriers. As such, business owners can thoroughly compare coverage and pricing, and ultimately purchase cost-effective insurance for their businesses within minutes. Business insurance policies offered by BOLT include, but are not limited to, General Liability, Business Property Insurance, Workers’ Compensation, Commercial Auto, Umbrella Insurance, Errors and Omissions, Directors and Officers, Business Interruption, Employment Liability, Sexual Harassment and Flood. These policies are provided by top-rated insurance carriers such as The Hartford, CNA, Liberty Mutual, Ace and Chubb. BOLT Insurance Agency is headquartered in Farmington, CT, and is licensed to do business in all fifty states. Come visit us at: www.boltinsurance.com
Director of Marketing
BOLT Insurance Agency