Posts Tagged ‘Hurricane Season 2012’

Hurricane Season 2012 Has Begun

Monday, June 4th, 2012

Thankfully, meteorologists predict a relatively mild storm season, but that is no reason for complacency. Unfortunately, complacency is still the norm in the small business sector. Travelers Insurance Company released a survey, on the first official day of the hurricane season, which found that the majority of small businesses are unprepared for business interruptions arising from storms of other disasters. Travelers gathered information from the participants at last month’s U.S. Chamber of Commerce Small Business Summit on their levels of readiness. Just over half of small businesses polled reported that they do not have a written business continuity plan and 57% lacked confidence that their insurance will cover financial losses.  “While their larger counterparts may have the capital to self insure and cover gaps, a smaller enterprise without the same resources may be forced into bankruptcy,” said Marc Schmittlein, CEO of Travelers’ small commercial accounts business. “This has implications for not only small business owners, but also for their communities and our economy at large.”