10/23/2013 - Small business owners especially susceptible to consequences of climate change
Though the repercussions of global climate change do not discriminate, business owners are particularly vulnerable to the pervasive threat, according to recently released data from the Small Business Majority and the American Sustainable Business Council.
The report, titled "Climate Change Preparedness and the Small Business Sector," concluded that small business owners are uniquely susceptible to the consequences of extreme weather, and as such, the lifeblood of the economy may be impacted substantially.
As an example, SBM and ASBC indicated that following Hurricane Sandy, approximately 60,000 to 100,000 entrepreneurs were affected in some way. Of these, 30% have wound up having to close their doors for good because the damage incurred was too overwhelming to surmount.
"More and more entrepreneurs are seeing real-life impacts to their businesses and their bottom lines from climate change and the extreme weather events it creates, and they want something done to help curb those effects," said Rhett Buttle, vice president of external affairs for SBM.
He added that what may be of great assistance is if the government provided certain financial incentives for more entrepreneurs so that company executives focused more of their attention on energy efficiency.
Selective knows that many small business owners place a priority on going green. After sustaining a loss, GreenPac® can help policyholders replace or repair their property with its green or sustainable equivalent. For more information on this coverage, speak with an independent Selective agent.