Due to severe weather conditions, many NY small business entities suffered power outages, along with closures due to the abominable weather, which resulted in loss of revenues and additional payroll expenses. While the weather is beginning to turn a bit less frenetic, the damage, minor as it may have been, resulted in many business owners having to turn to their insurers for help.
For New York, the economic impact of the recent blizzard was not terribly drastic, predictions ranged from the storm costing as low as $500 million and probably less than $1 billion in damages. But they were more fortunate than some neighboring states that were hit quite hard. NY small business insurance was thankfully purchased by many businesses that could benefit from having this coverage.
Insurance requirements differ for different companies
As a broker, you understand that you are a vital advisor to the clients that you serve. They depend on you to recommend the types of coverage they should invest in (in order for their business to remain profitable) through all types of disasters. Property, and business interruption are obviously high on the list for companies in areas hit hard by winter storms.
Obviously, heavy snow and rain conditions can destroy storefronts, building structures, roofs and awnings, signage, as well as shatter glass and windows, etc. Additionally, severe weather conditions can also damage sidewalks, equipment, and merchandise. At one point, New Yorkers were urged not to drive, walk around or even venture outside during what was anticipated to be the worst of the storm.
Business owners have to be concerned when an event of this magnitude takes place. “Do I tell my employees not to report to work?” Or, “should I go to the offices and make sure that everything is secure and we won’t experience heavy losses if the storm turns out to be an extreme event?”
These are real concerns of business owners during heavy storm warnings. And in the aftermath, when they are busy picking up the pieces they’ll be glad to know that they made the proper decision to buy NY small business insurance that addresses these very issues. A broker that provides his clients with the proper advice concerning business insurance coverage is providing a much-appreciated service.