Are you aware that coverage for natural disasters, such as hurricanes, earthquakes and floods, is not generally included in Florida commercial insurance policies? These are risks that are variable, depending on the location of your business, so they need to be assessed on an individual basis and you may need to take out a separate policy if you’re at risk.
If you are located in hurricane alley, or along a major fault line, then you would be assessed as being at far greater risk of becoming victim of a hurricane of earthquake. Consequently, your premiums will probably be high.
Other things you can incorporate into your business insurance package that may be of use after a disaster are:
• Business interruption coverage. This can help you financially when your business is shut down due to a disaster and your productivity is halted.
• Spoilage coverage. If your business has perishable stock, you might suffer a significant loss with power outages.
• Key person coverage. If you have a person in your business upon whom your productivity is heavily reliant who is injured or killed in a major disaster, you might consider adding this coverage to assist the business financially after the loss.
If you are located in a high-risk area, specialized cover can be well worth considering – the trauma of a major disaster can only be exacerbated if you have to deal with the ramifications of too little business insurance cover as well.