The Extended Impact of the LA Fires
Published: Feb 6, 2025
Our hearts go out to everyone who was impacted by the devastating fires in Los Angeles. The scale of destruction and the toll on lives, homes, and businesses are deeply saddening. In times like these, we are reminded of the importance of resilience and community support as many individuals and organizations face unimaginable challenges in rebuilding and recovery.
The fires also highlight critical insurance issues. As we have seen, traditional coverage often fails to address the true costs of such catastrophes, leaving business owners and families struggling to fill the gaps. To date, several claims have been filed related to the LA fires, and we expect more to follow. Most of these claims are due to indirect losses from the effects of the evacuations and smoke pollution. We are grateful for the opportunity to help clients provide vital financial relief during this difficult time. It is a privilege to support these businesses as they navigate recovery.
We stand with our clients and partners during this time and encourage anyone seeking guidance on managing risk to reach out. Together, we can build a more secure and resilient future.
HEAR IT FROM THE SOURCE
SRA Client Shares Their Story of 831(b) Success After LA Fires
"Having the 831(b) gave us peace of mind we would be able to get through the fires and continue to operate. Fortunately we were spared from any physical damage, but we did have massive callouts and did have to cease operations temporarily. Was nice to know we had the backing to get through the rough patch and continue to pay our staff and eventually return to serving our community."
Nicole Garrett, CHT
Chief Operating Officer
Other ways 831(b) Plans Can Help >>>
FROM SRA 831(b) ADMIN’S POINT OF VIEW
In a recent Advisor Perspectives article, SRA 831(b) Admin President, Dustin Carlson, highlights the growing risks businesses face—from wildfires and winter storms to regulatory changes—and how traditional insurance often falls short. With major insurers pulling out of high-risk areas and exclusions increasing, businesses need alternative solutions to protect their stability. 831(b) plans offer a powerful way to self-insure, allowing businesses to set aside pre-tax dollars, customize coverage, and retain unused premiums. As Dustin emphasizes, financial advisors play a key role in guiding clients through risk management, ensuring they have the right tools to build resilience and secure their future. Learn more here >>>
Interested in learning how an 831(b) Plan could benefit your business? Contact us today for more information.