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Fire & Water - Cleanup & Restoration

3 Things You Need To Know About Big Storms and Insurance Coverage

4/5/2022 (Permalink)

Ceiling collapsed, debris on floor, desks damaged Commercial storm damage in Duck Creek, TX.

Ways To Protect Your Business In The Event Of Severe Weather

As a business owner in Duck Creek, TX, you know that big storms, like hurricanes, are a threat to your commercial property. If you've purchased a comprehensive insurance coverage plan, it can be tempting to assume that that truly means anything and everything is covered under that policy. However, most commercial policies have standard exclusions, and most often, those exclusions apply to hurricanes, earthquakes, and flood damage. Without the appropriate riders (in other words, additions to your already comprehensive policy), you may find that you are responsible to pay out of pocket for thousands of dollars in damages. Here are three things you need to know in order to protect your business and your bottom line.

1. Choose the Right Riders

After you've reviewed your insurance coverage, talk to your agent about the riders that will close the gaps in your standard policy. If hurricanes are a threat in your area, learn about the types of hurricane riders that are available. There are also riders for flood damage, which may be necessary in addition to a hurricane policy, and for business interruption if you cannot continue to work due to damages.

2. Understand Your Deductible

Does your storm insurance have a percentage deductible or a traditional dollar deductible? The difference is important because a percentage deductible could have you on the hook for paying much more than a dollar deductible. Often insurance companies set these deductible levels, but there are some states that set them for certain types of plans.

3. Know Your Policy Triggers

For some storm insurance policies, a specific trigger event must occur in order to enable the coverage. The National Weather Service must declare a warning or a watch, name the storm, or define its intensity in order for that policy to be triggered. Knowing the triggers for your policy will prevent surprises as you work with a water damage restoration team to estimate damage costs.
While commercial insurance covers a lot, a specific storm insurance rider may be necessary to more fully protect your business in the event of severe weather.

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