Does your business have the insurance coverage that it needs to rebuild after a natural disaster? What would happen if a hurricane hit your geographic area and took out your entire fleet of vehicles or made your offices unable to operate, due to a lack of a roof on the building? If you don’t have enough business insurance in place, you might either have to pay for the repairs out of pocket or worse, shut your business down for good. Thankfully, you have options, like these insurance plans.
Business Interruption Insurance
When your business can’t carry on its usual operations due to a natural disaster, your business interruption insurance may kick in and help you keep your doors open. This insurance can pay for a temporary location if your permanent one is flooded or otherwise damaged, and it will provide funds for you to keep paying your employees. Business interruption insurance can be a lifesaver for your company.
Commercial Flood Insurance
Standard commercial property insurance is good for helping pay for repairs to your building after a windstorm, but it won’t cover things like flooding. With that said, there are some exceptions to this, but for the most part, if your company operates in a flood zone and the unthinkable happens, like a levy breaking or a nearby river rising, your standard insurance won’t pay for loss and repairs. Instead, you’ll need a commercial flood insurance policy.
Commercial Vehicle Insurance
A personal auto insurance policy won’t cover vehicles that are used for commercial purposes. Any vehicle, whether it’s a car, truck, or SUV that you use for your business needs to have a commercial vehicle policy. Otherwise, you might be stuck having to pay for damages out of pocket. If a natural disaster occurs in your area, for example, a tornado hits your business property and damages all of your vehicles, your commercial vehicle insurance might pay for the repairs.
Commercial Property Insurance
Next, there’s commercial property insurance, which we mentioned above. Although it won’t help if your business is flooded and exists in a flood zone, this type of policy will cover things like your building, warehouses, and any goods located within them. Your business equipment, like printers, computers, and networking tools are covered as well. Many businesses already have commercial property insurance in place, as it is standard, but you should know what it covers and if there are any limitations.
Special Natural Disaster Riders
Finally, there are natural disaster policy riders that you can add to your commercial property and vehicle insurance. These riders are designed to provide coverage where the standard policies lapse, such as when a hurricane or earthquake hits your area. A standard policy may not cover any of the damage caused by either of these natural disasters, so if you live in an area prone to them, make sure to speak with your insurance agent and get these extra riders in place, just in case.
Have Questions? Contact Charlotte Insurance
Wondering if your business is protected from natural disasters? Contact Charlotte Insurance. Our agents can explore and explain all available options with you and put together the coverage plan that your business needs.