The ins and outs of Commercial Storm Insurance

2/3/2020 (Permalink)

Examine your business and determine whether it makes sense to purchase storm insurance.

Any wise business owner understands the importance of having insurance coverage. However, some people in this position forget about commercial storm insurance. If your company operates in an area in Whitemarsh, PA, where floods and other severe are common, it's important to protect your business and your employees. Before you speak with an agent and purchase a policy, it's helpful to understand how it works, what it covers and what it doesn't cover.

Why Get It?
Some people may wonder why they should spend the money to purchase this insurance coverage. After all, isn't commercial property insurance enough? This policy gives you financial protection in the following ways:

It can replace items and equipment you lost in a storm.
It can replace building materials and structural components lost in a storm.
It can compensate your business for the cessation of operations.

What Traditional Property Insurance Covers
Property insurance is important because it protects your business from having to pay to repair damage sustained by accidents or vandalism. For example, if heavy winds or torrential rain ruins windows or siding, the property coverage should take effect. Unexpected failures from appliances, systems and the building structure should also fall within this coverage.

When Storm Insurance Steps In
Regular property insurance plans won't cover damage from large storms such as hurricanes and tornadoes. Also, if a sewer backup or overflowing river brings water into your building, your property insurance policy won't pay for a flood remediation specialist to do the cleanup. However, supplemental storm coverage will protect your business when these incidents occur.

When There's No Coverage
If there is damage in your building because you failed to maintain the plumbing, roof or HVAC systems, neither insurance coverage will accept your claim. Also, if you deliberately cause a flood or other damage to the building, you will not get any insurance help.

Examine your business and determine whether it makes sense to purchase storm insurance. You can find a plan that suits your needs.