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Natural Disaster Insurance

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Mother Nature can wreak havoc on your business anytime and anywhere. While some areas may be more prone to certain events than others, no matter where you are, there’s always a risk of a natural disaster. Because many of these occurrences can be catastrophic, there are often exclusions for them in standard business policies. Buying natural disaster insurance can provide additional protection.

There’s no telling when disaster will strike.

For most natural disasters, there’s no way to know when exactly one will hit. We can certainly expect hurricanes in the Atlantic during summer and scientists make predictions about how many and the severity, but there can always be surprises. Other disasters such as earthquakes and fires come with very little warning at all. To some extent, your business has to be ready for anything.

Natural disaster insurance is part of comprehensive risk management.

Many standard business insurance policies either include very high deductibles for claims resulting from natural disasters, or they do not cover these claims at all. The first step in any risk management planning is to understand what is most likely to happen and what current insurance coverage is in place. Identifying gaps in coverage can save tens of thousands of dollars or more down the road.

Damage from natural disasters can be extensive.

Read the news coverage after any natural disaster and you’re bound to hear horror stories about the costs of repairs. Even one inch of water in a flooded building can cause five-figure damage. When you consider the water damage from something like a sewer backup, in addition to the water damage itself, you can be dealing with hazardous waste cleanup, too. Depending on how hard hit an area is, resources could become difficult to find, leading to delays in repairs. This can turn a bad situation worse as mold grows or a wind-damaged roof lets additional rain in. Financial distress on account of these events just makes the remediation process more complicated.

Consider business interruption insurance as well as property coverage.

Even if you have natural disaster insurance to cover the costs of repairs to your property, there’s a good chance your business may need to shut down temporarily. If you own an apartment building, your tenants may need to move out during this time, leaving you in the lurch from lost rent. Business interruption insurance can help bridge that gap and prevent financial ruin. Be sure to thoroughly check what perils are included in your policy and seek out additional coverage if necessary.

To learn more about the kinds of natural disaster insurance you might want to consider, contact us today.

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