In 2013, Pamela and Dwayne Howard had a growing event and catering business with five employees and immediate plans to invest in a commercial kitchen. They were operating the business from their home, a rented condo. An arsonist derailed not only their business but also their personal life, and they didn’t have the proper insurance coverage to rebuild.
They lost everything except their three precious children, which is the blessing in the midst of their trials. To make matters worse, Dwayne, who serves as the company’s executive chef, was in an accident shortly after the fire and was unable to perform his duties. A replacement wasn’t an option at the time.
They moved in with family and took flexible part-time jobs to speed up their recovery process. While Pamela felt like giving up on many occasions, she can happily report that the business is now back to full speed two years later.
She recommends all small business owners take a long, hard look at their insurance policies. Just because you have coverage doesn’t mean you have the right coverage. She also says to develop contingency and crisis plans that detail not only steps to implement but also the finances involved.
When asked how the crisis has changed her as a business owner, Pamela said, “I definitely do not take life for granted. I am better prepared when I make choices, and I understand what those decisions look like with a contingency plan. ”
Melisa Graham is the communications director at SPARK Publications, editor of b2bTRIBE magazine, author of Used Cow for Sale (a collection of poetry, mom, and wife.
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