You own a business in New York (on Long Island) and you think "it" will never happen to you...
2:30AM...An electrical short sparks a small fire inside the walls of your building.
2:35AM...Dust, framing and insulation immediately catch fire and burn intensely.
2:45AM...Tremendous heat from the now out-of-control blaze sets off the sprinkler system.
3:15AM...The fire department arrives and begins putting out the flames.
4:30AM...The fire is out, but there is immense fire, smoke and water damage.
6:30AM...You arrive at your office to find out your building and contents are severely damaged by water, fire and smoke.
Having the proper insurance in the event of a disaster (from flooding and water damage to storm and wind damage) is essential to ensure your business will be able to continue after property damage occurs.
Inadequate insurance coverage can lead to major financial loss if your business is damaged, destroyed or simply interrupted for a period of time. Insurance policies vary, check with your agent or provider.
Meet with your insurance provider to review current coverage for such things as physical losses, flood coverage and business interruption.
- Understand what it covers and what it does not.
- Understand what your deductible is, if applicable.
- Consider how you will pay creditors and employees.
- Plan how you will provide for your own income if your business is interrupted.
- Find out what records your insurance provider will want to see after an emergency and store them in a safe place.
Knowing who to call in the event of a disaster is also essential to get your business back up and running with minimal downtime. Ensure you have a pre-established relationship with a full service property damage restoration company. This will allow you to mitigate damage to your property structure, as well as minimaize business disruption.
One more thing....Never let your insurance lapse!!!