The Federal Emergency Management Agency estimates that approximately 40 percent of small businesses never reopen after a disaster because the cost of recovery is so high. Hurricane Harvey affected thousands of businesses across Houston and Southern Texas area. Not all businesses are prepared to handle such large and destructive events. There are many reasons why:
• Inadequate coverage;
• Your particular damage may not be covered;
• Obtrusive paperwork or a slow moving claims process;
• Document loss due to the disaster.
One resource that may be available to business owners is the US Small Business Association (SBA). The mission of the SBA is “…to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of our nation. We recognize that small business is critical to our economic recovery and strength, to building America’s future, and to helping the United States compete in today’s global marketplace.” Another source of potential financial assistance can be found at the Federal Emergency Management Agency (FEMA). Business owners should contact FEMA to determine if there might be any programs that provide financial assistance.
While navigating the business insurance landscape can be daunting after a disaster, it is also important to consider having an attorney that can help protect your legal and financial interests. Wyly & Cook have the experience and expertise that can help you during your time of business recovery.