David Leng, CPCU, CIC, CBWA, CWCA, CRM
Best Selling Author | Speaker | Certified Risk Manager | Certified Work Comp Advisor
Author of #1 International Best Sellers
Laws of Insurance Attraction & Turning Premiums Into Profits
Insured to Fail
Would you bet your entire business on a flip of a coin?
No rational business owners would do so, but statistics show otherwise...
Most businesses that are affected by a significant event either never reopen, or close within 3-5 years. I have seen "experts" state that 70% or 80% will fail from such an event. The clearest statistic comes from the Institute or Business & Home Safety who states that 25% will not reopen, and 25% will go out of business within 3 years. A flip of a coin! And this statistic does not even contemplate natural disasters such as Hurricane Katrina!
So if a fire wipes out your business, would you reopen and survive? You are now most likely thinking "YES! I have insurance that will pay to replace my building, equipment, inventory, computers, etc..."
But these statistics are showing that you are flipping that coin as these businesses were insured too!
So, the only possibilities I could come up with for this incredible statistic that 1/2 of business go out of business even though they were insured are:
Why is that? You will learn directly from those survivors and those failures. In the book, Insured to Fail, we will explore the untimely exit of an owner, significant employee or crucial customer and what you should do to avoid being a statistic yourself.
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