With the abnormally heavy storms that have occurred this summer, and several months to go before the end of hurricane season, it is more important than ever for local business owners to be able to rely on their insurance coverage and recover quickly from any storm damage they may experience.
For businesses large and small, loss of income due to business interruption resulting from property damage is difficult to recover from. Whether it slows daily operations or forces you to temporarily close your doors, putting your business at risk, the aftermath of a severe weather event can be devastating. It is important to have experienced insurers on your side, protecting your business’s interests.
When it comes to severe weather, preparation is always key. As a business owner, it is important that you understand what your policy covers.
Loss of Income & Property Damage
When property damage is so severe that it forces you to stop operation, it may be weeks, months or even years before your income is restored to pre-disaster standards. Even if your coverage covers the cost of the property damage the business suffered from, the time you spend out of business, waiting for these repairs to be made, can still put you in a deep financial hole. To avoid the hit from such a substantial loss, many business owners rely on commercial insurance to cover loss of income that results from a disaster. When a storm damages your commercial property, you can then turn to your insurance carrier to help you back on your feet.
Checklist of Actions
There are many action items that may help you in your time of need:
- Check disaster declarations to see what you qualify for.
- Assess the damage and document it by taking photos and videos to accompany your insurance claims.
- Go over your insurance policy with your agent if you have any questions to thoroughly understand what is covered and what is not.
- File your insurance claims quickly since many policies require that claims are filed within a specific time frame in order to be compensated for any losses.
- FEMA offers assistance for business operating in places that have been designated as federal disaster areas. Consider checking out how they can help.
- Continuously backup all your records on your computers and the cloud.
You never know what mother nature will throw your way so you can never be too prepared. However, sometimes even the most extensive safety measures don’t quite cut it. If you are experiencing emotional distress related to natural disasters there is crisis support and counseling available for you at the Disaster Distress Helpline.
About Thayer Innes and Freeman Bunting Insurance Agencies
At Thayer-Innes Insurance Agency and Freeman Bunting Insurance Agency, we strive to provide comprehensive insurance solutions to support Ann Arbor homeowners. Our homeowners’ policies can be tailored to meet your specific risk exposures and provides much more coverage than a traditional policy, giving you the peace of mind you deserve. For more information about our products, contact us today at (855) 395-6316.