As hurricane season approaches its peak along the East Coast, it’s crucial to ensure your business is prepared for potential weather-related disruptions. Proper planning safeguards your operations and strengthens your overall financial health. This month, we’re focusing on practical steps to protect your business during hurricane season.
Protect Your Business: Practical Tips for Hurricane Season
- Review Your Insurance Coverage: Make sure your business insurance policies are up-to-date and provide adequate coverage for hurricane-related damages.
- Create a Hurricane Preparedness Plan: A well-thought-out plan is essential for minimizing damage and ensuring business continuity. Your plan should include steps for securing your physical premises, protecting important documents, and establishing communication protocols for your team. Consider storing vital records digitally in secure, cloud-based systems.
- Secure Your Finances: Hurricanes can lead to unexpected expenses, from repairs to temporary closures. Building an emergency fund is a key aspect of financial planning. It’s encouraged that businesses set aside funds specifically for disaster recovery, ensuring you have the financial resources to bounce back quickly.
- Safeguard Your Inventory and Equipment: If your business has physical or expensive equipment, protect these assets. Move items to higher ground, secure outdoor equipment, and ensure that your insurance covers these valuable assets.
- Stay Informed: Monitor weather forecasts and respond proactively. Early preparation is crucial—don’t wait until the last minute to take preventative action.
Tips from Maximilian Weiner: Founder & CEO of Resilient Insurance!
Bad weather can wreak havoc on a small business. From property damage to business interruption, the financial consequences can be devastating. Insurance provides a crucial safety net. Below are key types of insurance to consider, including a new option, Parametric Weather Insurance, which offers unique advantages for small business owners.
- Property Insurance: Covers damage to your building, equipment, and inventory from fire, flood, windstorm, and more.
- Business Interruption Insurance: Protects against lost income due to weather disruptions, covering lost profits, payroll, rent, and utilities.
- Flood Insurance: Essential for flood-prone areas, covering flood damage often excluded from standard property insurance.
- Parametric Weather Insurance: Provides quick, predetermined payouts based on specific weather triggers like rainfall or wind speed—ideal for businesses with consistent weather risks.
By understanding these insurance options and tailoring your coverage to your specific needs, you can better protect your small business from the financial impacts of bad weather.
As well as talking to a broker, there are a number of companies who offer insurance coverage directly online also, as well as online resources to consult.
You can connect with Max here!
A solid financial foundation is the key to weathering any storm—literal or metaphorical. You can protect your business and its future by reviewing your insurance coverage, creating a solid preparedness plan, and securing your finances.
We’re here for you every step of the way!
LOOKING AHEAD
Stay tuned for next month’s newsletter: Essential business strategy tips, with advice from our Chief Operating Officer, Ana Hammock!
FEATURED CLIENT
“Every challenge pushes us to evolve into the person we aspire to be.”
– RJ AESTHETICS
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LOAN PRODUCTS AND EVENTS:
Need a loan, line of credit or personal finance coaching to help your business grow? Check out these resources designed for your needs.
Business Line of Credit
Access a line of credit up to $25,000 in fast track financing at a 13.99% interest rate.
ICCC PROGRAM
A free, 40-hour “mini-MBA” program designed to provide small business owners with capacity-building education, one-on-one coaching, and access to capital.
Business Term Loan
For small business owners who need money to grow their business, Ascendus offers loans from $500 – $50,000. Qualified businesses will be located nationwide, except Vermont.
New Jersey Capital Access Fund
Borrow up to $150,000 at a fixed, competitive interest rate for the life of your loan. Available only to small businesses located in the state of New Jersey.
CT Small Business Boost Fund
Supported by the Connecticut Department of Economic & Community Development, this fund links Connecticut small businesses and nonprofits to financial support.
Childcare Business Development
Qualified Businesses nationwide, excluding Vermont. If you have been in business for more than three years, you can access up to $25,000 in fast-track financing within 48 hours. No paperwork is needed to apply.
New York Forward Loan Fund 2.0
Up to $150,000 with a fixed interest rate for the lifetime of the loan. Eligible to New York small businesses only.
“Get Ready” Business Line of Credit
No FICO minimum! This line of credit product is open to everyone looking to improve their credit score, invest in their businesses and achieve financial freedom — $5,000 offered at 13.99%.
Ascendus Credit Coaching
Free tailored credit coaching. Training sessions will include credit building, debt management tailored to long- and short-term goals, prioritizing debt repayment, budget assessment, and assessment for current credit-building programs.
MASTERCARD: Digital Doors
A strong digital presence is more critical than ever for your business. Get your business online, protected and equipped with the right digital and financial tools to enable your future growth.
Caraballo Accounting Scholarship
We are providing scholarships for business owners in Massachusetts. These educational programs are designed to enhance their skills and competencies in business administration, finance, and human resources, for business owners and their employees.
She’s Connected by AT&T
AT&T wants to highlight YOU as the next breakout talent of the She’s Connected by AT&T platform! Share your small business story below for the chance to win $50,000, a year of AT&T service with a new device, and more.
Webneed
Create Free AI powered websites for your small business. Access website building consultants, learn how to build and manage a website from scratch, and how to set up merchant services.
WE’D LOVE TO HEAR FROM YOU!
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Looking for more business resources?
Check out our curation of resources designed to help minority-owned businesses flourish.