The 2018 Hurricane season for Floridians is here and there’s no better time to review your business’s current insurance coverage. According to the Journal of Climate, 2018 is shaping up to be the most destructive hurricane season in years, even after a tough season the year before.
Businesses have a lot at stake when it comes to losses during a storm. From flooding to wind, physical damage to long-term financial issues, hurricanes and strong storms leave their mark on those who are unprepared. There are many liability insurance coverage options for local Orlando businesses. But before you sign up for the nearest policy, it’s best to look over the important coverages to make it through the 2018 hurricane season as unscathed as possible.
Hurricane insurance coverage should be provided in your property insurance. For Floridians, there are a few factors that can alter their options on types of coverage as location, proximity to the coastline and carrier can all play a part.
Business owners can opt for something called all peril, which is the most comprehensive coverage that insures everything except for what is specifically excluded. Then there’s named peril, which only covers what is specifically notated in the current policy and is less expensive. Finally,the aptly-named wind and hail coverage is an option, but it’s restrictive and only covers damage caused by wind and hail.
Most commercial property policies leave out coverage for losses and damage caused by water that floods and rises inside a business. Unfortunately for businesses in coastal areas rising water is the cause for most damage, yet it is not covered under most policies.
Some insurers attempt to separate covered wind damage from water damage if the former occurs. Other carriers may deny the claims entirely pointing out that flood exclusion negates coverage. This is why it’s very important to have coverage for both wind and water.
Business Interruption Coverage
Some business owners fail to consider the losses that aren’t physical. Even if you have great coverage in place to cover your place of business, there’s still the possibility for long-term damage to your bottom line. If your business needs to close down for 30 days or longer, that means 30 days or longer without bringing in business. Most small businesses will find this break in income to be harmful for their business. Most business interruption coverages start to come into play after a 72-hour deductible.
Before the winds kick up and water starts to rise, you should know just how severe this season will be and prepare to protect everything so you don’t suffer long-term damage.
About Newman Crane & Associates Insurance
Deciding what coverage you need and what limits and deductibles make the most sense can be tricky. Since 1965, Newman Crane & Associates Insurance has been helping Central Floridians make sense of their options and make the smartest choices for their circumstances. Whether you need Warehouse Insurance or any other type of business or personal coverage, we encourage you to contact our friendly, experienced, and capable team today. Call us at (407) 859-3691 for a consultation.