Marketing opportunities made easier in social media era
In some respects, businesses have never been in a better position to thrive when you consider the resources that are at owners' disposal. Marketing and advertising are key components to businesses' success rates, which helps explain why nearly 96% of small businesses use social media to promote their brand and suite of services.
At the same time, there are so many companies entering the economic marketplace at any given time, it can be difficult to differentiate from the competition. If this weren't trying enough, business owners also have to contend with forces that are out of their control, like the weather, which every year is responsible for hundreds of millions of dollars in insurance losses from disaster scenarios like hurricanes, tornadoes, flooding, roof cave-ins caused by heavy snowfall, and whatever else Mother Nature has up her sleeves.
40% of businesses go under after disaster strikes
There's no denying that environmental disasters are a setback to a business's goals. The hope is that if closure is necessary, it won't be for very long. However, because the recovery process can be financially crippling, a large proportion of businesses go under when catastrophe rears its ugly head. According to the Insurance Information Institute, approximately 40% of all businesses that close their doors after a weather-related disaster never reopen them again. Furthermore, another 1 in 4 that are able to recover aren't able to sustain themselves for more than one year.
With the proper business insurance policy in place, business owners can overcome these trials.
If you're thinking about starting a business - or if you already have but are looking for a new coverage policy - make Selective your insurance carrier of choice. Selective has world-class experience that separates itself from the competition, something that we've honed over the course of 80 years in the insurance industry. From retail to contractors, social service organizations and wholesalers, we insure thousands of businesses, providing the type of customer service and financial protection that Selective is known for.