A survey by The Hartford of Superstorm Sandy victims finds that small businesses took an average of seven days to reopen primarily because of connectivity and power issues, and few had business interruption (BI) insurance to cover their losses.
The carrier's survey of 451 New York Tri-State area business owners impacted by the Oct. 29 catastrophe found the vast majority—74 percent—had to close their doors for a period of time. Seventy-one percent experienced power outages and 11 percent said their buildings suffered structural damage. Fifty-two percent said they experienced loss of sales or revenues and 36 percent called the overall impact on their businesses "significant."
New York was the state hardest hit, with business closures at 81 percent compared to 78 percent in New Jersey and 64 percent in Connecticut.
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