Posted by : Dan Levenson Monday, July 7, 2014

How prepared are you for the time when a disaster hits your area and affects your business? Will you be able to recover quickly?

Chances are that these questions do not cross your mind because you own commercial property insurance. However, if you only have a standard commercial property insurance policy, your business is still at risk because your policy doesn’t cover these disasters:

Floods and Earthquakes

More often than not, business owners think that the disaster coverage they have covers everything. Sadly, that isn’t true; while standard policies will cover fires and storms, they do not cover damage caused by floods or earthquakes. New Jersey is a flood prone state, so make sure that you actually add flood coverage to your policy.

Criminal Acts

Your insurance company will cover criminal acts like vandalism and theft— provided that it was committed by an outsider. If you or an employee is caught stealing or vandalizing your business, insurance companies won’t cover the cost of repair or replacement.

Fortunately, there are insurance policies that cover these disasters. Speak to your insurance agent or broker to see if you can attach coverage for these disasters to your existing policy. You never know when and what type of disaster will strike your business, so it’s best to cover all your bases.

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