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.
