Hurricane Harvey has created a havoc this time in the US. More than 100,000 homes have been affected in Texas alone. 20 trillion gallons of rain water came down upon the state of Texas. Now this is unprecedented by any standards. This also is a humbling experience for mankind. Many residents will have to restart their life afresh as what they called their homes has been damaged beyond repair.
It is quite conincidental that our very own Mumbai was hit by heavy downpour at the same time and the damage caused to Mumbaikars is equally bad. As we know one old building collapsed killing 32 people.
One another commonality between these two events is that small businesses were hit heavily in both these disasters. Houston and Mumbai are business hubs for small businesses.
Businesses across these two countries suffer the similar fate when such a havoc hits them. Only one in 5 Texas residents have flood insurance through the ailing National Flood Insurance Program (NFIP). This program is being debated heavily for it’s inadequancies and is up for renewal in September. Whether the program is going to continue nor not itself is under question. Private insurers do not provide flood insurance in areas where NFIP is in operation.
In India we have a different issue resulting in the same consequence. Only one in 100 business owners have insurance for their business. Here the problem is about having the awareness and understanding the benefits of insuring business. Most of the business owners that SMBSure team has been speaking to consider insurance as an unnecessary spend rather than considering it as a safety net for their business, their dreams and their happiness. They don’t realize that the livelihood of all the employees that work for them are also at stake. A medium sized restaurant occupies atleast 30 workers. The negligence of the owner of not taking insurance not only impacts their life but the lives of 30 families.
With this we at SMBSure want to encourage every business owner who reads this post to consider taking comprehensive insurance converge for their business. If you have a business owner friend please pass the message on.