A survey by The Hartford of Superstorm Sandy victims finds that small businesses took an average of seven days to reopen primarily because of connectivity and power issues, and few had business interruption (BI) insurance to cover their losses.
The carrier's survey of 451 New York Tri-State area business owners impacted by the Oct. 29 catastrophe found the vast majority—74 percent—had to close their doors for a period of time. Seventy-one percent experienced power outages and 11 percent said their buildings suffered structural damage. Fifty-two percent said they experienced loss of sales or revenues and 36 percent called the overall impact on their businesses "significant."
New York was the state hardest hit, with business closures at 81 percent compared to 78 percent in New Jersey and 64 percent in Connecticut.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
