Counting our chickens and picking up the piecies

A record 13 hurricanes have followed through on their plight to devastation over the last number of months.

First we had Harvey which caused rampage ending up in Houston, and recently Irma which caused widespread destruction and now with the onslaught of Maria, one can only feel for the residents of the Caribbean praying to be spared.

As the mist clears outward and the residents of those affected start to calculate the damage of what had taken place, it is becoming materially clear that insurance costs would only cover for around 18% of those affected. Apart from State help, the poor haven’t at any stage have the appropriate level of cover, for instance if the ey were covered for flood than maybe they would have received not only the USD 100k that the government are going to be forking out, but as know with rising property costs, rebuilding any community will take time.

This begs the question when you are in business.

When you start out, do you carry out a checklist of what is covered from a legal point of view?

For instance, have you considered one of the following:

a) Do you have the correct level of business insurance in place?
b) Is your vehicle covered for business mileage?
c) If you are dealing with sensitive information, are you data protected?
d) To avoid getting into any trouble, do your terms protect you and your business?
e) Do you know your numbers? If not, does your Accountant know your numbers so that they are best placed to steer you forward.

All in all you don’t want to be cut short in any kind of circumstances and therefore would recommend you take the necessary expertise to get covered.

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