Small business owners can control a lot of things about their company and operations. From the product and design, to who they are going to hire, or what they are selling. But you can't control Mother Nature; a natural disaster can strike anywhere at any time. Property damage can be repaired but if your business is down for weeks or months, would you really be able to recover? Unlike larger businesses, small businesses are typically more vulnerable when a disaster strikes simply because small businesses don’t have many resources available. In fact, according to a report from FEMA, 40-60% of small businesses don’t recover after being hit by a natural disaster.
Luckily there are different types of insurance policies that will protect your business from natural disasters. If your business is already insured, you might want to review your existing policies to make sure that it covers all your business’ needs. Remember, not all small businesses have the same risks so be sure about your risk assessment and revisit your coverage, deductibles, limits, and exclusions. This way you can ensure that you’re getting the most coverage and that you’re not paying for insurance that your business might not need. Remember insurance will only cover you if you have it in place before a disaster strikes. It’s always better to have it and not need it than to need it and not have it.
Commercial Property insurance: Commercial Property Insurance is designed to cover most physical properties your business owns. The focus of this insurance is to help businesses recover quickly after suffering property damage or loss.
Commercial Flood insurance: This is a specific type of property insurance that will protect your business from flood damage, including damage to the building, equipment, and furniture. Even if you don’t live in an area prone to flooding, even moderate rainfall or clogged drains could lead to flooding, which would not be covered by commercial property insurance.
Business Interruption insurance: The Business interruption insurance policy will cover the revenue lost after a disaster, for the period of interruption when your business cannot operate. This policy is best for businesses that rely on making revenue from physical assets like, wholesalers, retailers, and restaurants.
Commercial Auto insurance: Any business that uses vehicles to do business needs this insurance. Even if you use your personal car while out on business, your personal insurance will not cover business-related risks, you’ll need a Commercial Auto policy to make sure you’re covered in case of an accident. This policy mainly covers the cost of repairs to a vehicle.
Premiums for Natural Disaster insurance are based on several factors, and the cost of your policy will depend on how much coverage you need. Other factors that your premium include:
Premiums for Natural Disaster insurance can range anywhere from $500 to thousands of dollars annually. But if your business is located in a moderate to low Natural Disaster risk area, you can apply for a Preferred Risk Policy that offers low premium rates for those who are qualified. Otherwise, a standard rated policy applies for businesses depending on the level of risk.
Businesses in infrastructure construction specialize in constructing and maintaining infrastructure.
Services may include the construction or maintenance of: airport runways, bridges, highways, sidewalks, roads, sewage systems, storage tanks, and sewage treatment plants.
The infrastructure construction business may contain many known and unknown risks which could harm to your business and personal assets. A slip and fall lawsuit alone could cripple your business profits. That is why infrastructure construction businesses need insurance to protect their business and personal assets from all potential risks.
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