Does Your Business Have Insurance Coverage for a Natural Disaster? | SERVPRO of South Atlanta
When you invest in an Atlanta business, you are investing in both your livelihood and your happiness—especially if your concept is something you are truly passionate about. However, in the event of a natural disaster, your future plans can easily be derailed if you do not have the proper insurance coverage to protect your investment.
While many business owners assume that their commercial insurance policy is enough to protect them from harm, that is unfortunately not always the case. A commercial insurance policy will generally cover some aspects of the damage, but often, the cost of rebuilding can far exceed the physical damage repair.
It is important to do a thorough review of your business coverage, and consider making some additions to your policy accordingly.
Smart Types of Insurance Coverage for Businesses
| Commercial Flood Insurance |
Even if you are not in a “high risk” flood area, it is wise to consider adding commercial flood insurance to your policy. The Federal Emergency Management Agency reports that up to 30% of all flood claims are paid out to areas that are not “high risk”. Flooding can happen due to weather, drainage issues and other causes, and it will generally not be covered at all by your regular policy.
| Commercial Windstorm Insurance |
Depending on your policy, you may have a separate deductible for wind damage to your business or it may be excluded altogether. Thunderstorm season in the Atlanta area can be quite dangerous, with straight-line winds posing a major threat. It is wise to make sure that your business would be covered in the event of wind damage either under your existing policy or by adding additional coverage to your portfolio.
| Business Interruption Insurance |
The overhead for businesses can vary, but regardless of what industry you are in, it is likely that you could not afford to completely shut down your business for any length of time. Oftentimes, recovering from a natural disaster can be a rather drawn-out process—and if you are not able to generate income, it can be a disaster of its own kind. Business interruption insurance provides coverage for these areas where your income might lapse so you can still pay necessary bills and not take on debts for your business.