Smaller businesses in the US have a higher risk of failing because of natural disasters such as hurricanes and are more likely to be without insurance, according to an expert in risk management. Professor Ben Collier of Temple University in Philadelphia warned that small and medium-sized enterprises (SMEs), particularly those in their early years of trading, are more vulnerable to business interruption or failure caused by hurricane damage than larger enterprises. We are geared to not think about rare events, or want to avoid thinking about them, and just hope for the best. The impact on SMEs is not just limited to loss of income but also disruption to supply chains, which can take months to recover from disruption.
Smaller businesses in the US have a higher risk of failing because of natural disasters such as hurricanes and are more likely to be without insurance, according to an expert in risk management. Professor Ben Collier of Temple University in Philadelphia warned that small and medium-sized enterprises (SMEs), particularly those in their early years of trading, are more vulnerable to business interruption or failure caused by hurricane damage than larger enterprises. The impact on SMEs is not just limited to loss of income but also disruption to supply chains, which can take months to recover from disruption.