Better safe than sorry - 2005-11-07 -
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Published on: 11/7/2005
Last Visited: 11/7/2005
About a year ago, Mustafa Gurleroglu, an Allstate Insurance agent in San Jose who insures both residential clients and small business owners in the valley, started backing up his office records daily onto a CD that he carries with him.
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Mr. Gurleroglu said the daily back-up ritual insures that he doesn't lose valuable information about clients and accounts in case of an emergency.
"If there is a disaster and I can't get into the office for some reason, I can use the back-up CD and access all of the information about my business," says Mr. Gurleroglu.
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Mr. Gurleroglu says many business owners fail to inquire about their commercial policies because they mistakenly think the basic coverage will assume the responsibility.
Business owners are still responsible for paying employees, mortgages, leases and other debts, says Mr. Gurleroglu.The ongoing expenses can add up quickly and for a business that has reduced income -- or no income at all -- it can be enough to force the owners to shut their doors permanently.
While it's unlikely a hurricane will slam into the valley, Silicon Valley businesses have other worries to contend with -- flooding, earthquakes and fire, to name a few."Anything can happen," adds Mr. Gurleroglu."Ignorance is not bliss.
"Many business owners are just not aware that they need to talk to their agent about the specific coverage they have on their business," says Mr. Gurleroglu."They think once they sign on the bottom line and pay their premiums on time that their insurance will cover everything.That isn't the case."
Mr. Gurleroglu says business owners need to talk to their agents about business interruption policies, which takes the place of normal business income when insured losses interrupt cash flow.
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