Review Your Business Insurance for Hurricane Season

If you’re a coastal or near coast business owner, you likely take precautions in terms of your building structure in the event of a hurricane. But do you also review your your business insurance coverage to see what it covers in terms of hurricane coverage. ?



The good news is that for the Atlantic basin, researchers are predicting it to be a below-average hurricane season for 2015, according to a Colorado State University press release. However, they also report that there could be a moderate to strong El Niño sized development along with inconsistent cooling of both the subtropical and tropical Atlantic.


If you haven’t already, with this year’s Atlantic hurricane season being in full swing, the Insurance Information Institute (I.I.I) is urging coastal businesses to review their insurance coverage to get an understanding of their options and make decisions prior to a potential devastating storm makes its mark.


In order to help businesses and guide them through reviewing their coverage, the I.I.I. developed a Hurricane Season Insurance Checklist they can follow.


Some Factors of your Business Insurance you Should Review


Policy Limit


In the event of a loss due to hurricane damage, do you have enough coverage to rebuild business?


Flood Insurance


Do you have adequate flood insurance coverage for your business. Even businesses not on the coast, but nearby or near lakes and streams need this coverage. The I.I.I. states that 90 percent of all natural disasters includes some form of flooding. Of course,  hurricanes are included on this list. Because of this, it is important to have separate flood insurance coverage if you live on a flood plain or in hurricane country.


Business Interruption Insurance


In the event that your business is halted due to flooding, power outages, or building damage as a result of a hurricane, do you have business interruption insurance to tide you over as you weather the aftereffects of the storm.


While we are just in the beginning of The Atlantic Hurricane Season, it’s predicted that there will be about 6 to 11 named storms, with 3 to 6 of them being hurricanes.  This is why it is important to review your business insurance for the upcoming hurricane season.