Only 4% of businesses in Puerto Rico were fully covered for Hurricane Maria damages

Hurricane Maria

Businesses need to prepare for the worst and make sure to get the right insurance coverage in place

It’s been a little over a year since catastrophic storm Hurricane Maria slammed into Puerto Rico. As one of the most intense storms to ever strike the area, it had a devastating impact across the island that is still felt today.

Between winds at more than 109 mph, rain accumulating 37.9 inches, and flood waters above six feet, the storm also caused the longest and most severe electrical blackout in U.S. history.

Earlier this week, the Federal Reserve Bank of New York released a new report on the state of small businesses in the aftermath of Hurricane Maria. Of more than 400 businesses that were surveyed, 63% of small businesses had insurance when Hurricane Maria hit last September. However, just 4% were fully covered despite 77% reporting losses.

Being prepared for the worst-case scenarios is paramount as a business owner. And having the right insurance coverage is an essential part of that. No matter how strong a business continuity plan is or how sure an owner is that their business will survive, insurance is there to protect against unfortunate situations, from property damage to business interruption.

The exact coverage that a business needs vary based on the size of the business, industry, location, and other factors. You can quickly see what businesses like you get for insurance and receive advice by entering your location, zip code, industry, revenue, and the number of employees.