September 27, 2007
The October issue of Entrepreneur contains a brief article on the realities of Hurricane Katrina's affect on Morgan + Company. Yes we had insurance like most businesses. Unfortunately Zurich's definition of business interruption is not the same as ours. A mandatory evacuation, called by the Mayor of New Orleans and enforced for the police and military (yes, the military prohibited us from getting into the city for a period) equates to business interruption in my book. But not in Zurich's. The insurance company did, however, pay out for our temporary office and equipment, but did not cover lost revenue for the month of September 2005 as much as I wanted. So for all of you business owners out there, read the fine print and cover your ass. You can never have too much insurance. Your business, customers and employees depend on it.
This article, which originally appeared in the October, 2007 issue of Entrepreneur (www.entrepreneur.com), came with comments from the web site of Morgan + Company (www.morganplus.blogspot.com), which is a New Orleans-based media planning and buying firm.