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Summer Storms – Review Your Business Liability Coverage

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As summer settles in, intense thunderstorms and windstorms may cause extensive damage and economic loss to businesses. For much of the nation, summer also means hurricane season.

Business owners should make preparations to protect employees, property and business income from potential harm caused by summer storms. Flooding, hail and wind damage, and prolonged power outages should be major considerations in storm preparations. A review of your company’s insurance coverage should also take place.

For storm planning, business owners can find extensive resources for free at www.ready.gov.

When reviewing your insurance coverage, consider the following:

Deductibles It’s common for policy deductibles to differ between damage caused by a named windstorm and other causes of loss (such as fire). Make sure you understand how the policy deductible will apply at claim time.

Policy Limits Look at the maximum amount you can recover to make sure the funds allowed for repairing or rebuilding are sufficient. Too little coverage may result in a penalty for underinsurance.

Business Income Many business insurance policies do not automatically include reimbursement for lost income resulting from storm damage. Often, it’s the business’s inability to continue paying expenses while repairing damage that causes it to permanently close after a storm. Business owners should consider adding this important insurance coverage.

Allan Block Insurance, Professional Service with the Personal Touch

We are located in Tarrytown, NY, in the heart of Westchester County, a key business district just north of New York City. We write auto, home, renters, condo, co-op, personal, business, life and group insurance for clients locally and in NYC, CT, NJ, PA, MA and many other states. For more information or answers to your insurance questions, please contact us.

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