Insurance Can Help Businesses Weather The Storm
Thursday, December 20th 2007, 8:41 pm
By: News On 6
Almost two weeks after the ice storm, things are starting to get back to business as usual. But, some retailers are concerned their bottom lines won't bounce back from more than a week without power. One local entrepreneur says there might be a way to protect your small business. The News On 6â€™s Ashli Sims reports he bought an insurance police to help him weather the storm and power outage.
Closing up shop for a week at around Christmas is the kind of thing that can deal a fatal blow to a business. The ice storm and lingering power outage took away four days of sales at the Dog Dish near 51st and Sheridan. Owner Bill Handy says while shoppers, human and canine alike, have returned, the storm has taken a toll.
"For a small business to be closed for four days or longer, during the busiest time of year, it can be absolutely catastrophic for them,â€ said Dog Dish owner Bill Handy.
Handy says he's avoiding catastrophe with a little insurance.
"We have an endorsement on our policy that's specifically designed for loss of income as a result of power outage. So, we filed our claim and we're waiting to hear from our claims adjuster. But, we expect to be fully compensated for our losses,â€ said Bill Handy, owner of the Dog Dish.
A spokesperson with the Oklahoma Insurance Department says business interruption insurance should be a key part of your coverage. Policies vary depending on the company, but typically they can cover lost earnings and expenses like payroll and utility bills.
"Because you never know what's going to happen, and it's not necessarily the coverage that you have, it's the coverage that you don't have that can have a greater impact,â€ said Bill Handy of the Dog Dish.
Handy says the shop is still running a little short for the month. But, he says with his insurance and a last minute holiday push, they'll keep dishing up puppy goodies well into next year.
"It is the worst possible time of year. And if there's one thing that the people of Tulsa can do, as they look to help their neighbors, look to help their local small business owners,â€ added Bill Handy.
The state Insurance Department does say business interruption insurance is important and something entrepreneurs should discuss with their agents.
Watch the video: Businesses May Be Helped By Insurance