A large manufacturing company outside of Houston Texas that specializes in various foam products experienced an electrical fire that destroyed their facility in 1998. Management, while rightfully concerned during the event, felt secure that as with business challenges this too could be overcome and the company would flourish to reemploy again especially since they had adequate coverages in place in anticipation of such a loss. The knowledge that in the private sector, 40 percent of businesses that have a catastrophic loss never reopen, according to the Small Business Administration and 23 percent of those businesses that do reopen will fail within the first year would have demanded a different approach before, during and after the event. The impact of insured catastrophic losses can be terminal, even with proper coverages, due to lack of preparation, poor decisions made during a catastrophic loss and allowing the insurance claim process to get out
Increase Your Odds for Business Survival with Proper Insurance CoverageWritten by John Elder
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