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The Risk of NOT Having Business Insurance: One Dance Studio's Story

Relevant business insurance news out of Colorado from Denver7.

  • A dance studio in Englewood, CO was closed for nearly a month after a pipe burst and caused extensive flooding
  • The studio's owner, Allana Scourfield-Thomas, said the damage was extensive and would take a significant amount of time and money to repair
  • Scourfield-Thomas said the studio's insurance would cover the cost of repairs but there was a high deductible
  • The studio's staff and instructors had to find alternative work during the closure
  • The studio is now open again and classes have resumed

When a pipe burst and flooded a dance studio in Englewood, CO, the damage was extensive and it took nearly a month for the business to reopen. The studio's owner, Allana Scourfield-Thomas, said the repairs would take a significant amount of time and money. However, thanks to her business insurance, the cost of repairs would be covered, although there was a high deductible.

This incident highlights the importance of having proper business insurance. A disaster, such as a flood, can cause extensive damage and put a business out of operation for an extended period of time. Without insurance, the costs to repair the damage and get the business back up and running would fall solely on the business owner.

In the case of the Englewood dance studio, the closure not only affected the owner, but also the staff and instructors who had to find alternative work during the closure. Business insurance can help to alleviate some of the financial stress on the business owner and the employees during a difficult time.

It's not just physical damage to the property that business insurance can cover, but also loss of income due to the interruption of operations. This can be crucial for a small business as it can help them to stay afloat while they recover from a disaster.

As a business owner, it's important to carefully review and understand your insurance policy to ensure that you are properly covered in the event of a disaster. Don't wait until it's too late to find out that your policy doesn't cover a specific type of loss. Business insurance may seem like an added expense, but in the long run, it can be the difference between a business surviving or closing its doors for good.

In the end, the dance studio in Englewood was able to reopen, thanks in part to the coverage provided by their business insurance. This serves as a reminder of the importance of being prepared for the unexpected with proper business insurance.

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