How Insurance Helps Your Business After a Storm

4/1/2022 (Permalink)

Insurance provides a safety net for your business's unexpected expenses, like the need to rebuild after a storm.

How Insurance Can Assist Your Business Following A Storm

If you need to rebuild after a storm damages your Oklahoma City, OK, commercial building, you may worry about lost income and restoration expenses. Fortunately, there are a variety of insurance policies available that can help you stay afloat while you restore your business to full operational capacity. The following are two types of insurance that come in handy after damage to a commercial property.

Interruption Insurance

Even a closed business has expenses. Business interruption insurance covers many of those expenses, including:

• Payroll
• Taxes
• Monthly payments
• Temporary relocation expenses
• Training for new equipment

Interruption insurance also covers lost profits if you have adequate documentation showing earlier profits that can be used to estimate how much earning potential was lost during the restoration period. Speak with your insurance agent to ensure you fully understand what is covered and under what conditions as well as any special documentation that you need.

Commercial Property Insurance

Property insurance generally covers the cost of damage to physical property, including lost inventory and structural damage as well as damage to employees' personal property that was at the insured location. As with interruption insurance, it is important to speak with your insurance agent so that you fully understand what is included your policy. The insurance agent should also be able to provide you with a list of approved restoration service providers to help with the rebuild.

To make filing a claim easier, it is ideal to have a list of all inventory and property located at the covered address. Include purchase dates and prices on the list and store it in a secure location, such as cloud storage or a fireproof safe.

Insurance provides a safety net for your business's unexpected expenses, like the need to rebuild after a storm. Make sure you keep your policies up-to-date and speak with your insurance agent so that you fully understand your policies and coverage.