Natural disasters are a problem for any company. Damage from the disaster adds costs to the company. You may also face challenges getting back to your normal activities.
Should a disaster strike, the loss of income impacts a business. You want to protect your company with the right business insurance. But, consider how a natural disaster might affect the business before you buy a policy.
Clear Up the Risks
Risks refer to the natural disasters that may occur in your local area. Evaluate the possibility of a tornado, earthquake, major flooding or other potential problems. Then consider how they may cause an interruption to your business or damage to property.
You want coverage for the common risks in your local area. Your agent will be able to guide you if you have extra concerns about your specific line of business.
Interruption Coverage
Business insurance offers a variety of options for different situations and concerns. As a business owner, you want a policy to protect against the loss of profits after a natural disaster. You also want to cover the losses incurred during the event.
Business interruption coverage can help when there is an interruption in standard operations. It can protect against monetary loss if a company can't operate as a result of a natural disaster.
Keep in mind that the coverage in your business policy may have limitations. Natural disasters are not always covered by the policy. Some disasters may have coverage and others won't. You may also have certain limits in the duration of coverage after a natural disaster. Evaluate your policy and clarify the coverage for interruptions to your business.
Commercial Property Coverage
Commercial property coverage focuses on financial losses from damage to the business property. It may cover office buildings, warehouses, certain equipment or other commercial property.
It may not be necessary to obtain a policy if you rent the space for your business. However, it is essential for any property the company owns. Coverage usually protects against common threats like fires and vandalism.
The policy may set limitations on coverage for natural disasters. Clarify the amount of coverage for different storms, earthquakes and related situations.
Business insurance policies often cover a variety of natural disasters and hazards. However, the amount of coverage depends on the specific situation and policy details. Clarify the needs of the company before you buy. Then get insurance policies that cover specific concerns that may occur in your area.
We've got you covered. Reliable Insurance Managers, Inc. can help you get a Houston business insurance policy that meets your needs. Call us at 713-227-7283 for more information.