We are smack in the middle of hurricane season right now, and while we've been lucky so far, the peak is thought to be mid August through late October. This means that although things have been quiet, they could really ramp up over the next few weeks. If you had to file a commercial claim last year following Hurricane Sandy, you know how much damage a hurricane can do to a business in a short amount of time. This year, be proactive and make sure your insurance is everything you need it to be in the event of a natural disaster.
Think about how your business has changed since you last updated your insurance policy. Has it grown? Did you have to down-size? Did you make any cosmetic upgrades to your business that would cost a pretty penny to replace? Sit down and write out anything you can think of as to how your business has changed. Then, call your insurance company to discuss how your policy may need to be tweaked to suit your current needs.
Don't forget business interruption coverage! Yes, a hurricane can physically damage your storefront, but what if that damage prevents you from opening for a few days? A few months? A year? Business interruption coverage is going to cover you during the times you are unable to open your business and earn money. It can be a huge lifesaver in the long run.
Make sure you understand the situations that your insurance will cover and the ones that it will not cover. If you feel your business is at risk of a certain peril and your insurance doesn't cover it, ask them how you can get it covered. You can never ask too many questions about your insurance policy. It's a lot better than being surprised after a hurricane when it won't cover any major expenses.
Do you own a business and your commercial claim was denied? Contact The Voss Law Firm for a free consultation at 888-614-7730.