In Part 1 of a two part series, the business of The Business sees Phil Colicchio focuses on those impacted by Superstorm Sandy. He's joined by Jeffrey Zurofsky, operating partner of 'wichcraft, a restaurant that lost its commissary kitchen and a lot of revenue in the aftermath of the storm. Also on the show to join in is Howard Sweetwood, Insurance Professional Specializing in Restaurants & Hospitality. Together, they have a frank and open conversation about the realities of the situation and the relationship between clients and insurance companies. Restauranteurs are not always on top of data and accounting - and Howard & Jeffrey discuss ways in which those in the hospitality business can address claims right now and be better prepared in the future. This program was sponsored by Whole Foods Market.
"There's going to be a certain amount of inequality in the business as this settles out [favoring] those who have more business experience." [11:40]
"A company is a lot like a body - it has an amazing ability to repair itself if it's doing its exercise and operating." [16:40]
--Jeffrey Zurofsky, operating partner of 'wichcraft
"Insurance companies are overwhelmed too - understand that. They didn't expect something of this magnitude." [22:35]
"As we come through this - I think it's important for restauranteurs to pay very close attention to everything - all the ancillary coverages that are included in these policies because often times they are over looked." [32:50]
--Howard Sweetwood, Insurance Professional Specializing in Restaurants & Hospitality.