3 Aspects of Commercial Storm Insurance To Understand as a Business Owner
Commercial Storm Insurance
In the event that the Bonita Springs, FL, building in which you run your business experiences a storm, you'll want to take swift and decisive action. In order to get the storm damage restoration process underway, one of the first things you'll need to do is work with your insurance agency. Unfortunately, commercial insurance for storms can be difficult to navigate. If you'd like to know more, here are three aspects of commercial storm insurance to understand as a business owner.
1. Storm Riders
Regrettably, commercial property insurance policies often don't include coverage for storms. This is especially common when it comes to flood damage. However, you may be able to get coverage for wind-related problems. Generally, these are the damage causes that commercial property insurance will cover:
If your policy doesn't cover storm damages, you may want to expand your insurance coverage through riders. Riders provide extra coverage for specific events, such as hurricanes. This is an especially good idea if you work in a storm-prone area.
2. Business Interruption
Since storms can be highly destructive, you may find yourself unable to use your building or supplies. If this occurs, you might be worried about experiencing further financial loss. This is why adding a business interruption rider to your insurance can be useful. Doing so could help you pay expenses while being unable to work.
Ever since Katrina and other massive hurricanes occurred, the method of paying deductibles has changed for most states. Instead of setting a standard rate for deductibles, most storm insurance providers use percentages. This means that properties ensured for more will have higher deductibles. In order to avoid getting caught off-guard when dealing with insurance, be sure to calculate how much your deductible would be.
In order to avoid experiencing massive losses after a storm, it's vital to prepare. Do your research and get the necessary storm insurance policy for your business.