Disasters are unpredictable, and without the proper coverage, they can cause devastating financial losses for your company. That’s why business hazard insurance is critical for safeguarding against a wide range of potential hazards. From fires to vandalism and everything in between, hazard insurance ensures that your company is financially equipped to deal with damages and inconveniences caused. To understand why this coverage is important for your organization, let’s examine five frequent disasters covered by business hazard insurance.
Business Hazard Insurance for Fires
Fires are one of the most serious hazards that any business can face. Not only do they pose a threat to employees’ physical well-being, but they also have the potential to cause irreparable damage to facilities, documents, technology, and really anything else in their path. Fires are caused by a variety of circumstances including:
Electrical Issues
Cooking Accidents
Wildfires
Chemical Accidents
Smoking
And much more…
When it comes to dealing with the aftermath of a fire, business hazard insurance provides coverage for things like:
Structural repairs and rebuilding.
Replaces destroyed or damaged inventory.
Provides coverage for lost wages during the interruption.
Take the state of California for example. In a region that is known for its frequent wildfires, business hazard insurance is a must. While damage from natural disasters, in the aftermath of these events, businesses with sufficient protection will be able to start rebuilding, while the owner’s with no coverage may not be able to recuperate their losses.
Business Hazard Insurance for Storms
Storms and severe weather come in a number of forms, all of which can be extremely damaging to businesses and their property. Such events include windstorms, tornadoes, hail, snowstorms, and
more. During these unfortunate events, businesses face risks like structural damage, broken windows, loose debris, and erosion. While we suggest that all organizations invest in business hazard
insurance, it’s particularly important if your company is in a storm-prone area. In these cases, be sure that the policy includes some sort of comprehensive storm coverage.
In the event of a damaging storm, business hazard insurance usually covers:
Structural damage caused by winds and hail.
Broken windows, signage and roofs in need of repair.
Lost wages and other expenses caused by business interruption.
Business Hazard Insurance for Water Damage
Water damage can be catastrophic to businesses and while you should do everything possible to avoid these situations, sometimes they’re out of your control. While all policies vary, most business hazard policies cover claims involving water damage caused by leaks or burst pipes.
It’s important to note that business hazard insurance usually DOES NOT cover flood damage caused by rising water from hurricanes or extreme rain. For these circumstances, a separate flood insurance policy should be considered. Having a specialized flood insurance policy working in tandem with your business hazard insurance, ensures complete protection from all water-related incidents. With all that said, when it comes to water damage, be sure to read the fine print of your policy to understand what’s covered and what isn’t.
Business Hazard Insurance for Lightning Damage
Lightning strikes can cause significant harm to your business. Common damages caused by lightning include burn damage (if the lightning starts a fire), as well as damage to electrical systems and other equipment. The latter generally happens when a power surge takes place, which can affect any electrical infrastructure. Luckily, most business hazard insurance policies protect against lightning damage. In these scenarios, your policy should help to cover:
Damaged equipment
Structural damage
Wages and expenses caused by the business interruption.
Lightning strikes are unpredictable and can happen anywhere, so it’s important to have a comprehensive protection plan in place. In the aftermath of a damaging lightning strike, business hazard insurance will help your organization to recover quickly without facing large out-of-pocket expenses.
Business Hazard Insurance for Vandalism and Theft
While most of the hazards we’ve discussed involve the weather, remember that not all risks come from natural disasters. Unfortunately, two of the most common business damages are theft and vandalism. When we talk about theft and vandalism, it usually refers to goods being stolen, property being damaged, or defaced in some way. In most cases, business hazard insurance will protect against such incidents by covering:
The repair costs of vandalized property.
The replacement costs of stolen inventory or goods.
The costs of security upgrades to help avoid future issues.
Protect Your Company From The Unexpected
Whether it’s a fire, tornado, break-in, burst pipe or power surge, business hazard insurance will protect your organization from financial ruin. Without adequate protection these distatars can
result in huge out-of-pocket expenses, or the need to shut down for an extended period – both of which could destroy your business. When considering your needs in relation to business hazards, it’s important to understand what you’re already covered for. Then, based on a variety of risk factors such as the nature of your business and your geographic location, consider adding on additional protection.
Don’t wait for disaster to strike. Instead, be prepared and get a free quote from EZ.Insure. Our easy-to-use comparison platform allows you to view competing plans side-by-side, ensuring that you find something that matches your budget and needs. We also have a library of articles, all aimed at helping business owners save money and stay protected. So what are you waiting for? To get your quote just enter your ZIP code at the top of this page, or call us at 855-694-0047.
If your business is run out of an office, a shop, or any other physical location, then you already have property insurance to protect yourself against the unexpected, right? Fire or theft are very real threats and you would never want to leave your business exposed. But what about the business assets you can’t see: your ideas? If you have patents, trademarks, copyrighted designs, or trade secrets that you want to protect, then you should look into getting intellectual property (IP) insurance. This type of policy can also protect you from an unexpected and very expensive lawsuit.
What Is Intellectual Property?
Simply put, intellectual property is any work of your own invention or creativity that you own the rights to. Unfortunately, you can’t simply jot something down and claim ownership of it. Your idea usually needs to fall under one of these four legally protected categories:
Patent – used to protect inventive ideas and processes
Copyright – protects “original works of authorship,” usually things like writing, music, art, or even software
Trademark – protects words, phrases, symbols, sounds, even smells and color schemes
Trade Secret – defined as “proprietary procedures, systems, devices, formulas, strategies or other information that is confidential and exclusive to the company using them.” This classification is less formal: the only way to protect trade secrets is to actually treat them like secrets.
What Are the Types of IP Insurance and Why Have Them?
There are two main types of IP insurance, and they each protect your business against different threats or risks:
Enforcement Insurance – some of the most valuable property you have is your own ideas, and you should protect them like a shop owner would protect their stock. In fact, it is estimated that your company’s intellectual property is 80% of its value. If another company steals some of your valuable ideas, this type of coverage will help you fight them with a lawsuit.
Defense Insurance – you should also remember that other companies want to protect their ideas, and they very well may have trademarked, copyrighted, or patented them. They will fight you if they feel you have used any of their intellectual property without permission. This type of policy will help you in case you are faced with a very expensive infringement lawsuit. According to the International Risk Management Institute (IRMI): “The cost of IP litigation can be astronomical, and continues to increase each year. In certain cases, the high stakes of IP litigation can pose a very real threat to the company itself.” When you consider that the cost of an intellectual property lawsuit can run from around $650,000 to more than $5 million, it seems like a good idea to have the peace of mind IP insurance can give you.
If you are interested in protecting your business against both types of risk, there is also a third type of policy, a defense and enforcement policy, which would provide both types of coverage.
Are There Limits to IP Insurance?
As with any type of insurance policy, you will need to find out how much coverage you will get. Some IP insurance carriers will only cover legal fees up to a certain amount. Some policies will only cover you in certain geographical areas.
In addition, if you have an enforcement policy, you will need to be very specific about the patents, copyrights, trademarks, or trade secrets you want to cover. These policies are not blanket insurance for the contents of your head, but will need to have every protected idea you want covered listed. If your intellectual property changes, your policy will also need to change.
If your business is all about ideas, inventiveness or creativity, or if you feel like you’ve got the secrets to success in your field, you may be selling yourself short if you don’t have IP insurance. Also, if you think that your general liability insurance will cover intellectual property infringement because it includes coverage for “personal and advertising injury,” you could find yourself with a very expensive mistake on your hands: these policies only cover infringement if it’s part of your advertising materials. In order to protect both your ideas and your business itself, intellectual property insurance may be the way to go.
Embarking on a business venture is an exciting journey filled with possibilities and opportunities. However, it’s essential to be prepared for the unexpected challenges that may arise. One crucial aspect of this preparation is securing the right business insurance. Each industry faces unique risks. So, understanding the types of insurance coverage needed is key to safeguarding your business. As well as ensuring its long-term success. In this article, we’ll explore common business industries and the types of business insurance they may need. Shedding light on why these policies are essential.
Types Of Business Insurance
Before we go over what types of insurance different industries need. Let’s look at the different types of business insurance policies available.
General liability insurance is a fundamental type of business insurance. It provides coverage for a range of common risks and liabilities faced by businesses. Also known as commercial general liability (CGL) insurance. It is designed to protect businesses from financial losses associated with third-party claims of bodily injury, property damage, and personal injury. General liability typically covers:
Bodily Injury
Bodily injury coverage helps protect your business in the event that someone is injured on your premises or as a result of your business operations. This coverage can help pay for medical expenses, and legal fees. As well as any potential settlements or judgments if your business is found liable for the injury.
Property Damage
Property damage coverage provides protection if your business causes damage to someone else’s property. This could include damage to a client’s home or office space. Or damage to other physical assets belonging to third parties.
Personal and Advertising Injury
Personal and advertising injury coverage is designed to protect against non-physical injuries, such as libel, slander, or infringement of copyright. If your business is accused of damaging another party’s reputation through advertising or other communications, this coverage can help cover legal costs.
Legal Defense
General liability insurance typically covers the costs of legal defense, including attorney fees, court expenses, and settlements or judgments. This is crucial for businesses facing lawsuits, even if the claims are ultimately determined to be groundless.
Product and Completed Operations
If your business manufactures, sells, or distributes products, or if you provide services, products and completed operations coverage can protect against claims arising from defects in products or services that cause bodily injury or property damage.
Medical Payments
Medical payments coverage helps pay for medical expenses if someone is injured on your premises. Regardless of who is at fault. This coverage is usually more limited than bodily injury coverage, but can provide swift reimbursement for minor injuries without the need for a lawsuit.
Business Property Insurance
Business property insurance, also known as commercial property insurance, is a type of insurance coverage that protects a business’s physical assets. Including buildings, equipment, inventory, furniture, and other property, against various risks and perils. This insurance is crucial for businesses to recover from financial losses that may result from damage or loss of property due to covered events. The key coverage of business property insurance are:
Physical Assets – Business property insurance provides coverage for the physical assets owned or leased by a business. This includes the building itself, if applicable, as well as contents such as inventory, equipment, furniture, fixtures, and signage.
Covered Perils – Policies typically specify the perils or events that are covered. Common covered perils include fire, theft, vandalism, windstorms, hail, explosions, and certain types of water damage. It’s important for businesses to carefully review and understand the specific perils covered by their policy.
Business Interruption – Many business property insurance policies include business interruption coverage. This component helps businesses recover lost income. And cover ongoing expenses if the business is temporarily unable to operate due to a covered event, such as a fire or natural disaster. It can include coverage for rental income, payroll, and other fixed costs.
Replacement Cost – Business property insurance policies may offer coverage based on either replacement cost or actual cash value. Replacement cost coverage reimburses the cost to replace or repair damaged property without deducting for depreciation, providing a more comprehensive form of coverage. Actual cash value coverage considers depreciation, resulting in a lower reimbursement amount.
Cyber liability insurance is a type of insurance coverage designed to protect businesses from financial losses and liabilities associated with cyber-related risks and events. As businesses increasingly rely on technology and digital assets. The exposure to cyber threats such as data breaches, hacking, and other cybercrimes has become a significant concern. Cyber liability insurance helps businesses mitigate the financial impact of these risks by providing coverage for various expenses and liabilities.
Data Breach Response – Coverage for expenses related to responding to a data breach. This may include the costs of notifying affected individuals, providing credit monitoring services, and managing public relations efforts to minimize reputational damage.
Legal and Regulatory Expenses – Protection against legal costs and regulatory fines that may result from a data breach or other cyber incident. Cyber liability insurance can cover the expenses associated with legal defense, investigations, and compliance with data breach notification laws.
Data Restoration – Coverage for the costs of restoring or recreating lost or damaged data as a result of a cyber incident. This may include expenses related to data recovery and reconstruction efforts.
Business Interruption – Compensation for financial losses resulting from a cyber incident that disrupts business operations. This coverage can help replace lost income and cover ongoing expenses during the period when the business is unable to operate normally.
Cyber Extortion – Protection against costs associated with cyber extortion attempts, such as ransomware attacks. This coverage may include payments made to cybercriminals to restore access to data or systems. As well as expenses related to negotiating with extortionists.
Forensic Investigations – Reimbursement for the costs of investigating a cyber incident to determine the extent of the breach, identify the source of the attack, and implement measures to prevent future incidents.
Professional Liability Insurance
Professional liability insurance, also known as errors and omissions (E&O) insurance, is a type of insurance coverage designed to protect professionals and businesses that provide professional services from claims of negligence, errors, or omissions in the course of their work. This insurance is particularly relevant for individuals and companies in service-based industries where clients rely on their expertise and advice.
Professional Negligence – Coverage for claims arising from alleged professional negligence, errors, or mistakes in the performance of professional services. This can include errors in judgment, faulty advice, or failure to meet the standard of care expected in the industry.
Legal Defense Costs – Reimbursement for legal expenses associated with defending against claims of professional negligence. This can include attorney fees, court costs, and settlements or judgments resulting from lawsuits.
Breach of Duty – Coverage for claims related to a breach of professional duty. This could involve a failure to perform services as promised, failure to meet contractual obligations, or other breaches of professional duty.
Defamation – Protection against claims of defamation, libel, or slander arising from the provision of professional services. This coverage can address legal costs and settlements associated with damage to a person’s reputation.
Copyright Infringement – Coverage for claims of copyright infringement related to the creation or dissemination of professional work. This is particularly important for professionals in creative industries where intellectual property is a significant concern.
Workers’ compensation insurance, commonly referred to as workers’ comp, is a type of insurance that provides financial and medical benefits to employees who suffer job-related injuries or illnesses. It is a crucial component of the social safety net and is designed to protect both employees and employers. It helps injured or ill employees by providing coverage for medical expenses, rehabilitation costs, and a portion of lost wages. At the same time, it protects employers from lawsuits related to workplace injuries.
Medical Benefits – Workers’ compensation insurance covers the costs associated with medical treatment and care for work-related injuries or illnesses. This includes doctor visits, hospital stays, surgeries, medications, rehabilitation, and other necessary medical services.
Income Replacement – If an employee is unable to work due to a work-related injury or illness, workers’ compensation provides partial wage replacement. Typically, a percentage of the employee’s pre-injury wages is paid to help cover living expenses during the period of disability.
Disability Benefits – Disability benefits are provided to employees who experience a temporary or permanent disability as a result of a work-related injury or illness. The level of disability benefits is determined by the severity and nature of the disability.
Death Benefits – In the unfortunate event of a fatal workplace injury or illness, workers’ compensation insurance provides death benefits to the surviving dependents of the deceased employee. This includes compensation for funeral expenses and financial support for the dependents.
Business Interruption Insurance
Business interruption insurance, also known as business income insurance, is a type of insurance coverage that provides financial protection to businesses in the event of a covered loss that disrupts their normal operations. This coverage is designed to help businesses recover from the financial impact of a temporary suspension of operations due to covered perils, allowing them to maintain financial stability during a challenging period.
Income Loss – Business interruption insurance covers the loss of income that a business may experience due to a covered event, such as a fire, natural disaster, or other insured peril. This coverage extends to the profits that would have been earned during the period of interruption.
Fixed Costs – In addition to income loss, the policy typically covers certain fixed costs that continue even when operations are temporarily halted. This can include rent or mortgage payments, utilities, and certain other ongoing expenses necessary for the business to resume normal operations.
Covered Perils – Business interruption insurance is triggered by specific perils or events that are covered by the policy. Common covered perils include fires, natural disasters, vandalism, and other events as outlined in the insurance contract. It’s important for businesses to understand the perils covered and, if needed, consider additional endorsements for specific risks.
Product Liability Insurance
Product liability insurance is a type of insurance coverage designed to protect businesses from financial losses and legal liabilities arising from claims related to defects or problems with products they manufacture, distribute, or sell. This insurance is crucial for businesses involved in the production and sale of goods, as it helps mitigate the financial impact of legal expenses, settlements, or judgments resulting from product-related claims.
Bodily Injury and Property Damage – Product liability insurance provides coverage for claims related to bodily injury or property damage caused by a defect in a product. If a product is found to be defective and causes harm to a consumer or their property, the insurance can help cover the associated medical expenses, repair costs, or legal fees.
Legal Defense – One of the primary benefits of product liability insurance is the coverage for legal defense costs. If a business faces a lawsuit related to a defective product, the insurance will typically cover the expenses associated with hiring attorneys, court fees, and other legal costs.
Manufacturing or Design Defects – Product liability insurance typically covers claims arising from both manufacturing defects and design defects. Manufacturing defects occur during the production process, while design defects are inherent flaws in the product’s design that make it unreasonably dangerous.
Employment Practices Liability Insurance (EPLI)
EPLI is a type of insurance coverage designed to protect businesses and employers from the financial consequences of employment-related lawsuits. These lawsuits can arise from various employment-related issues, such as wrongful termination, discrimination, harassment, retaliation, and other violations of employment laws. EPLI provides coverage for legal defense costs, settlements, and judgments associated with such claims.
Wrongful termination claims – Protection against claims of wrongful termination or dismissal, where an employee alleges that their termination violated employment contracts, implied contracts, or anti-discrimination laws.
Discrimination claims – Coverage for claims of discrimination based on factors such as age, gender, race, religion, disability, or other protected characteristics. EPLI helps businesses address allegations of discriminatory practices in hiring, promotions, and other employment decisions.
Harassment claims – Protection against claims of workplace harassment, including sexual harassment or other forms of harassment that create a hostile work environment. EPLI assists in covering the costs associated with investigations, legal defense, and potential settlements.
Third-party liability – Some EPLI policies may provide coverage for claims brought by non-employees, such as clients, customers, or vendors, alleging wrongful employment practices.
Commercial auto insurance is a type of insurance coverage designed to protect businesses and their vehicles used for business purposes. This insurance provides financial protection in the event of accidents, injuries, or property damage involving vehicles owned or operated by a business. Commercial auto insurance is crucial for companies that rely on vehicles for various business activities. Including transportation of goods, services, or employees.
Business Owned Vehicles – Commercial auto insurance covers vehicles owned or leased by a business and used for business purposes. This can include cars, trucks, vans, and other types of vehicles essential to the business’s operations.
Liability – Liability coverage is a fundamental component of commercial auto insurance. It provides protection against bodily injury and property damage that the business may be legally responsible for in the event of an accident. This coverage helps pay for medical expenses, repair costs, and legal expenses associated with third-party claims.
Collision – Collision coverage is designed to cover the cost of repairs to a business-owned vehicle in the event of a collision, regardless of who is at fault. This coverage helps businesses get their vehicles back on the road quickly after an accident.
Uninsurance/Underinsured Motorist – This coverage protects the business and its drivers in the event of an accident with a driver who either has no insurance or insufficient insurance to cover the damages. Uninsured/underinsured motorist coverage helps bridge the gap in such situations.
Industries
As we said, every industry is different. While most policies can help all of these industries there are certain policies that each industry needs more than the others.
Retail
The retail industry is a dynamic and ever-evolving sector that thrives on customer interactions, sales, and the management of diverse inventory. Amidst the excitement of running a retail business, it’s crucial for owners to prioritize risk management by investing in the right insurance policies. From protecting against potential liabilities to mitigating financial losses. A tailored insurance strategy can be the key to long-term success in the retail landscape. Retail companies typically need:
General liability insurance.
Commercial property insurance.
Workers compensation insurance.
Business interruption insurance.
Product liability insurance.
Cyber liability insurance.
Professional Offices
The professional office industry is a diverse and dynamic sector encompassing various professions. From legal and accounting services to consulting and creative endeavors. Amid the hustle and bustle of daily operations, it’s paramount for professionals in this industry to prioritize risk management by investing in the right insurance policies. From protecting against potential liabilities to mitigating financial losses, a well-tailored insurance strategy is crucial for ensuring the sustained success of professional offices. These types of companies need:
Professional liability insurance.
General liability insurance.
Cyber liability.
Business property insurance.
Workers’ compensation insurance.
Employment practices liability insurance (EPLI).
Construction
The construction industry is a powerhouse of growth and development, transforming blueprints into structures that shape communities. Amid the dynamism and innovation, construction businesses face a myriad of risks that can impact projects, finances, and reputations. To safeguard against unforeseen challenges, it’s crucial for construction companies to have a robust portfolio of business insurances. From protecting against accidents on the job site to addressing potential legal liabilities, the right insurance coverage is the cornerstone of a successful construction business.
General liability.
Commercial property.
Workers’ compensation.
Professional liability.
Commercial auto.
Food Service
The food service industry is a vibrant and dynamic sector, offering a myriad of culinary delights to consumers worldwide. While chefs and restaurateurs focus on creating exceptional dining experiences. It’s equally crucial for businesses in the food service industry to prioritize risk management through comprehensive business insurance. From protecting against liability claims to ensuring the safety of employees and patrons. The right insurance coverage is the key ingredient for sustained success in the food service realm.
General liability insurance.
Commercial property insurance.
Business interruption insurance.
Product liability insurance.
EPLI
Working With EZ
In every industry, the importance of business insurance cannot be overstated. These policies act as a safety net. Providing financial protection and peace of mind as you navigate the challenges of running a business. Whether you’re in retail, technology, construction, healthcare, or any other industry. Understanding your unique risks and securing the appropriate insurance coverage is a proactive step toward building a successful business. Consult with insurance professionals to tailor a policy that suits your specific needs. Ensuring that your business is well-prepared for whatever the future may hold.
No matter what type of business insurance you need, EZ can help. Our agents work with the top insurance companies nationwide to make sure you find the best insurance for your business. In fact, we can save you hundreds of dollars a year by working with your budget to find you the best coverage. If you have questions, feel free to give us a call at 877-670-3538 or enter your zipcode into the box below for free instant quotes.
Multiple researchers and weather organizations are predicting a more than usually active hurricane season this year. According to noted forecasters at Colorado State University, we could see 16 named storms, 8 hurricanes, and 4 major hurricanes develop in the Atlantic Ocean during the June 1 – November 30 hurricane season. When you consider that an average hurricane season brings around 12 named storms, 6 hurricanes, and 2 major hurricanes, these predictions could mean big trouble for the eastern seaboard of the United States.
If your business is located in an area that is considered vulnerable to hurricanes (or really anywhere on the east coast – remember Hurricane Sandy in 2012?), then you need to take the time to seriously review your insurance coverage, and make sure that your business is protected. A great way to start is by reviewing our hurricane season insurance checklist.
The Impact of Hurricanes
Before we start on the specifics, let’s take a look at some examples that illustrate how hurricanes affect businesses. On a large scale, the impact of hurricanes on businesses can sound astronomical: Hurricane Dorian in 2019 caused an estimated $25 billion in insured damages, Hurricane Irma in 2017 caused businesses to lose a staggering $2.75 billion in sales, not including damages to property, and Florence in 2018 caused around $700 million in lost sales.
It may be hard to wrap your head around those figures, but consider that, according to the U.S. Small Business Association (SBA), 90% of small businesses fail within two years of being struck by a disaster. It’s not hard to see why. Take the example of John Treece, founder and CEO of DMA Sales, which sells automotive parts to big box retailers and distributors out of Tabor City, North Carolina. His business was hit hard by Hurricane Florence in 2018, and he had to close up shop for 2 whole weeks. He also lost the roof of his warehouse when it was literally “peeled off” by the wind, which caused a further $200,000 in water damage to his inventory. Many small businesses would not be able to survive a long-term closure or such a huge financial hit. That’s why making sure you have the right insurance is so important.
The Checklist
It is clear that hurricanes can have an overwhelming financial impact on the economy as a whole. And the individual example above makes clear that behind all of those big numbers, there are many small business owners who are left struggling to keep their businesses afloat. The right insurance policies can help.
Although small business owner John Treece was hit by one hurricane, the damages done to his business were caused by different things: wind, water, and forced closure. He would actually need multiple types of insurance policies to make sure that his losses were covered. As a business owner, you need to sit down and evaluate what you currently have and what you might need from the following checklist:
Property Insurance – most of your business’ hurricane coverage will come from your commercial property insurance. If you have a bundled Business Owner’s Policy (BOP), then general property damage will be covered under this policy. However, if you are in a hurricane-prone area, then it’s a good idea to take a closer look at what type of property coverage is available based on your location, your proximity to the coastline, and your carrier. Depending on these factors, and how much you are willing to pay, you may have:
All Peril – this is the most comprehensive type of policy, and will cover everything except what is specifically excluded from it.
Named Peril – this type of policy is cheaper than All Peril, but covers a lot less. As its name implies, it covers only what is named in the policy.
Wind and Hail– this is the cheapest of the policies, but it only covers damage caused by wind and hail. If rainfall is a concern, you will need a more comprehensive policy.
Flood Insurance – if there’s a chance that you could be hit by a hurricane, it is vitally important to know that water damage is NOT covered in the same way as wind or storm damage. In John Treece’s case above, his water damage should be covered as storm damage under his property insurance policy. Why? The difference is where the water comes from. His water damage was a result of rainfall from above. If, however, rising water had flooded his warehouse, he would have had to have flood insurance to cover his losses. Rising water is not covered under most policies, so make sure you are not only covered for wind and storm damage, but also flood damage.
Business Interruption Insurance– the above policies cover the physical damage to your business, but what about the losses you will incur from having to close your doors for an extended period of time? Repairing your business won’t be much use if you lose so much money that you are unable to reopen. Business interruption policies will help cover things like lost profits, employee wages, and the costs of a temporary location. These types of policies are add-ons to your other commercial insurance, so ask your agent about your options.
Don’t Forget the Basics
If you already have all of the policies above, great – but don’t sit back and relax yet. Don’t forget to check all the basics related to your policies, like:
Are the policies up-to-date?
What are the deductibles, and are there deductibles that are specific to named storms/hurricanes?
Do you have off-site property or inventory, and is it covered?
What could happen if you need to evacuate and leave your business empty for days or weeks? For example, could mold become an issue and, if so, will your policy cover the clean up?
Hurricanes and major storms will happen. Nothing can change that, and nothing can fully take away the stress and heartache of seeing all of your hard work threatened. But the right insurance policies can help to make things right if the worst happens. At EZ.Insure, we’re here to help you find the right coverage. We’ll connect you to your own knowledgeable agent who will review all of this information with you and find the right plan at the right price for you. No hassle, no obligation. Let us help bring you peace of mind. To get started simply enter your zip code in the bar above, or you can speak to an agent by calling 888-615-4893.