Is Your Commercial Property Protected Against Natural Disasters?
California has been
reeling under the effects of global warming. Over the last few years, we have
seen an increase in natural disasters like floods, earthquakes and forest
fires. It has cost the state billions of dollars and people have lost their
lives, homes, and livelihood. It has taken a toll on small businesses as well.
It isn’t easy to recover from the after-effects of a natural disaster without
insurance.
Most people check a variety
of boxes when it comes to personal insurance. They ensure their homes, cars, jewelry, and even their antiques. But, when it comes to their small
business, they favor commercial business insurance. This may offer protection against
general liability claims but does it cover physical losses that occur due to
the effects of a natural disaster? No, it doesn’t.
Why Does a Small Business Need Commercial Property
Insurance?
Most small business
owners prefer taking minimal insurance for their property, especially if it is
leased and if their lease contract specifically demands it. But, consider this!
If you don’t get adequate cover for your commercial property, you may get next
to nothing if disaster strikes. The money won’t be enough to help you rebuild
your business.
After Effects of a Natural Disaster on a Small
Business
• You will have no space to conduct your business
• All the orders that you have taken will remain unfulfilled
• If you have a warehouse, you could lose millions if the goods get damaged
• You could lose all the data related to your business including client communications, contracts, orders, etc. leading to irreparable loss.
• You will have no space to conduct your business
• All the orders that you have taken will remain unfulfilled
• If you have a warehouse, you could lose millions if the goods get damaged
• You could lose all the data related to your business including client communications, contracts, orders, etc. leading to irreparable loss.
How Do You Recoup?
It will be difficult
to get back on your feet after a blow like this without financial help. You
will need to renovate your space and refurnish it. You may have to refund
clients if you can’t deliver the goods that they ordered. You may not be able
to get your office space and your business functional for months. If you had
been covered for such an eventuality, the insurance could have eased the
financial burden to a great extent.
What Should You Look for in Commercial Property
Insurance?
When you go through
the commercial property insurance policy, you need to ask the right questions!
Does it cover all of your property? What kind of cover does it provide if your
small business is affected by a natural disaster? Does the commercial property
insurance cover damages done to interiors and electronic equipment? Would it
cover loss of goods?
You need to find a
good insurance company or an insurance agent who is knowledgeable and will
answer your questions patiently. They should be able to explain what the policy
offers and make sure that whatever you need is covered. Visit http://www.alliedbrokers.com/ or call 650-328-1000
to speak to
one of our experienced insurance agents to find out what kind of cover would
work best for you.
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