3 Things You Should Know About Storm Insurance

5/7/2019 (Permalink)

In order to keep your business running smoothly after a disaster, it is important to have a storm insurance policy

A Few Things you Should Keep in Mind When You Buy Insurance for Your Business

If you operate a business in Arlington Heights, IL, then you likely already have insurance coverage. If you don’t, then it is a good idea to acquire it, as it can save you a lot of trouble, and money, if you experience an emergency or natural disaster. Here are a few things that you should keep in mind when you buy insurance for your business.

1. Not All Plans Are the Same

While you might think that one storm insurance policy is just as good as another, this is not necessarily the case. Various companies may have coverage that differs significantly. It is important to determine what is included in your policy as well as how much financial assistance you will be entitled to if your building is damaged. Many companies don’t include floods or hurricanes in their policies, so you may need to purchase a separate plan for these.

2. You Might Be Required to Pay a Portion of the Repair Cost

If hurricanes or floods are included in your storm insurance policy, you still might not be able to receive the full amount of the damage costs. Large scale disasters like these can cost insurance companies a lot of money, so they often require the policyholder to pay a certain percentage of the claim.

3. Your Claim Can Be Affected by the Condition of Your Building

Severe damage might need to be repaired by an emergency remediation service. If the cause of the damage is covered in your policy, then you may not be required to pay for these repairs. However, if you don’t keep up with regular maintenance of your building, then your insurance company might conclude that damages were caused by existing problems and refuse to pay for these costs.

In order to keep your business running smoothly after a disaster, it is important to have a storm insurance policy. It can save you money and help get your building back in working order if it has been damaged.