Summer weather can bring major storms to the Midwest, often including tornadoes, damaging winds, hail, lightening, floods, etc. It is likely a question of when, and not if. But if you are prepared, the damage can be managed. Insurance can help make sure you are back to business as quickly as possible.
A recent survey found that 66 percent of small businesses do not have business interruption insurance. This is despite the fact that an estimated 25 percent of businesses do not reopen following a major disaster. Some 75 percent of small businesses do not have a disaster recovery plan in place, even while 52 percent say it would take at least three months to recover from a disaster.
Some tips:
Look into flood insurance. Flooding is the most common and most costly natural disaster in the United States, causing billions in economic losses each year. About 90% of ALL natural disasters in the US involve flooding. Just one inch of water can cause up to $25,000 in damage. Flood coverage is thru a separate program and business insurance does not cover flood unless a specific policy has been purchased separately.
Make sure your records are stored electronically off site and make sure you have financial records, insurance policies and important contact information available.
Review your insurance annually. Check coverage and limits to make sure they are adequate if you need to rebuild. Sit down with your agent to discuss coverages changes that may be needed. Was there a new purchase like equipment or furnishings? A couple of new employees which may have increased the payroll? Did you add an outdoor patio? Many times customers don’t think to notify their agents when changes are made.
Maybe it is time to review your policy? Call our office to discuss your policy. We can evaluate your current program, make coverage recommendations etc. This can be done electronically if you prefer given the current social climate.
We provide all types of business insurance needs with numerous carriers in the Benton Harbor, St. Joseph, Coloma, Watervliet, Stevensville, Bridgman, and New Buffalo areas as well as many others in the tri-county area. We are always available to help!