X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HARTFORD, Conn. – Although they have most at stake, small businesses are less prepared than larger companies to withstand a natural disaster, according to a recent national survey of small and mid-sized businesses by The Hartford Financial Services Group, Inc. The survey finds that fewer than three out of every 10 businesses with three to 20 employees have a plan to protect their enterprises from a natural disaster. This compares with nearly 50% for businesses with 21 to 50 employees and 62% for those with 51 to 500 employees. “Studies show that 40 to 50% of businesses that experience a disaster and have no protection or recovery plan in place never reopen,” said Jim Ruel, senior vice president of commercial insurance at The Hartford. “Small businesses are especially vulnerable, since they typically operate out of a single facility – even a home – where all their records, merchandise and equipment are stored.” The Hartford survey found that while smaller businesses are less prepared than their larger counterparts to withstand a natural disaster, they are just as concerned about one affecting their operations. Forty-two percent of small business respondents with three to 20 employees say they worry about a hurricane, tornado or flood, the same percentage as for businesses with up to 500 employees. Businesses in the South are particularly concerned, with nearly 70% saying they are worried, compared to 45% in the Midwest, 29% in the Northeast and only 23% in the West.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.