A Road Map for Success
Owning a business can be a double-edged sword.
Recovering in the Aftermath
So the storm has passed, the virus is contained and life is at last returning to normal. You’d like to resume business operations and bring your employees back to work, but your insurance adjuster says it could be weeks before your claim is processed. Where will you find money in the meantime to make necessary repairs and pay your staff?
Look to the Florida SBDC Network for help. In times of disaster, SBDCs all across the state serve as the business community’s primary contact for processing and submitting the paperwork for Florida Small Business Emergency Bridge Loans. For a business physically or economically impacted by a hurricane, pandemic or other disaster, a bridge loan is the “first step” to receiving short-term, interest-free funds.
As its name implies, the bridge loan provides quick access to working capital by helping a business “bridge the gap” from time of impact to the time when longer-term solutions, such as sufficient profits, federal disaster assistance or insurance proceeds, become available. Bridge loans are activated by Florida’s governor following a disaster and funded by the state of Florida. And as its name implies, this is a loan, not a grant. You will have to pay it back.
Cyberattacks against big-name companies garner a lot of media attention, but small businesses might actually be in greater peril. According to the latest “2019 Data Breach Investigations Report (DBIR)” from Verizon, 43% of all cyber-attacks target small business. Perhaps even more alarming is that only 14% of small businesses are prepared to defend themselves against such attacks. To avoid becoming a victim, start making high-tech security a top priority. Learn all you can about cybersecurity and take preventive measures now. And if you still lack confidence in your digital security capabilities, hire an expert. With digital incidents costing businesses of all sizes $200,000 on average, it will be money well spent.
If you think that your business is too small to attract scammers, think again. Anti-virus software provider McAfee estimates that 480 new high-tech threats are introduced every minute.
If you need help, contact the Florida Small Business Development Center Network for assistance. Attend an FSBDC workshop on cybersecurity basics for small business and/or connect with an FSBDC counselor near you for one-on-one guidance in structuring a cybersecurity plan tailored to your specific needs.
Inspired Technologies, Tallahassee
Recovering from a disaster or cybersecurity attack is never easy, but partnering with a firm like Inspired Technologies could make it less stressful. With 40 employees and clients in 30 states, Inspired Technologies, founded by CEO Craig Goodson, offers a full range of tech support: cloud services, AV design and installation, network security and disaster recovery. And it’s growing — the Tallahassee-based company plans to break ground on a new 50,000-sq.-ft. facility in 2021. “Working in the state capital makes it easy to communicate and showcase new IT and solutions designed specifically for government,” says Zack Dunlap, director of business development. “It also gives us a chance to prove that our company can meet the needs of a state as large as Florida.”
Insurance is available to protect against almost any business risk. Consult with an insurance agent to determine which of the following types of insurance you will need, then compare terms and prices to decide what’s right for you.
FOR YOUR PROPERTY
- General Liability protects a business against financial loss resulting from bodily injury, property damage, medical expenses, libel, slander, lawsuits and settlement bonds or judgments.
- Product Liability protects against financial loss resulting from a defective product that causes injury or bodily harm.
- Professional Liability protects against financial loss resulting from malpractice, errors and negligence.
- Commercial Property protects against loss and damage of company property due to fire, smoke, wind and hail storms, civil disobedience, vandalism and other such events.
- Home-Based Business Insurance is a rider added to your homeowner’s insurance that offers some protection for business equipment and liability coverage for third-party injuries.
- Business Owners Policy combines all of the typical coverage options in a single package at a reduced price; generally available only to businesses with fewer than 100 employees.
- Flood Property insurance does not cover damage from floodwaters, whether from rivers, lakes or oceans; however, business owners may insure their building and contents for up to $500,000 each through the federal government’s National Flood Insurance Program (NFIP).
- Windstorm Available through Citizens Property Insurance Corp., the state-created insurance provider, or private insurers; type of construction, size, location and proximity to water determine cost and availability.
- Business Interruption Pays ongoing expenses such as rent, utilities and, in some cases, payroll when a business must close due to an insured property loss — i.e., in the aftermath of a hurricane.