Or is it affect? hmmmm
Hurricane Matthew wrecked damage on the Southeastern states including Georgia, Florida and the Carolina coastlines. It not only damaged property but also business operations. Ed Leefeldt from CBS News provides a detailed look at Hurricane Matthew’s effect on small businesses along the Southeastern coast.
The Federal Emergency Management Agency (FEMA) predicts that 40 percent of small businesses may not reopen following last week’s hurricane. Hurricane Matthew dumped an estimated 18 inches of rain on the Carolina coastline and heavy winds weighed down on Florida. Not only will local small businesses feel the economic impact of Hurricane Matthew but residents will also pay more for common items such as coffee since some local cafés will close.
Attorney Marshall Gilinsky states that, “We always hear insurance executives on the news assuring the public that they will take care of things – that policyholders can rest assured. But don’t assume everything’s going to be taken care of automatically. Storm-related claims can run into a snarl of unclear policy provisions, exclusions and occasionally obstreperous insurance company adjusters.”
Before businesses can file insurance claims they must tally up their losses. With insurance agencies being very particular in what they cover, small businesses may ultimately lose millions during the insurance claim process. While Gilinsky admits that hiring a public adjuster can help to calculate damages, Hurricane Matthew will undoubtedly be the end for alot of small firms.