Now more than ever, as businesses start to reopen, commercial property insurance in Florida needs to include hurricane coverage. Here’s what you should know about this essential coverage.
Some businesses did not survive the pandemic. For those owners who made it through, a question—did you sacrifice to keep your doors open just to have to close after the next big hurricane?
If you don’t have commercial hurricane coverage, that is likely to happen. Read on to learn more about what this type of coverage is for and who should have it.
Commercial Property Insurance: Florida Excludes Some Damages
One of the first things to understand about hurricane coverage is that it pays for many damages that are excluded from commercial insurance policies. Depending on your policy, your commercial property insurance might not cover some of the events that happen during a hurricane. For instance, many standard policies cover events such as fire, theft, vandalism, and windstorms. Hurricanes are typically excluded from standard policies.
Building Owners and Renters Can Benefit
Whether you own a commercial building or rent space for your business, you should consider adding hurricane coverage to your commercial property insurance in Florida. Not only does this coverage pay for damage to the structure of the building—it also covers your property inside.
If you have expensive equipment such as computers and furniture to worry about, you should consider adding hurricane coverage, even if you are renting your business space.
Flood Coverage Is Separate
Many people don’t realize that flooding caused by hurricanes is not covered without flood insurance. Some water damage may be covered—for example, if the storm causes a leak in the roof—but if the area where your business is located completely floods, you would need to have a flood policy to get compensation.
Home-Based Businesses Need Commercial Coverage
If you operate your business out of your home, don’t assume that your homeowners insurance will cover your equipment. Many insurance providers will not pay for damage to expensive equipment that you use for your business. Furthermore, homeowners policies usually have lower coverage amounts for damaged property.
You may be able to get away with adding a rider to your homeowners policy, but if you use a large area of your home specifically for your business, you may be better off purchasing additional hurricane coverage and commercial property insurance in Florida.
Get in touch with RRBH Law today if you need help getting the insurance companies to pay.
At RRBH Law, we know how to handle insurance companies. We understand the tactics that many of the insurance providers use to deny coverage. In fact, we routinely help our clients get what they are owed when they are initially denied.
Want to discuss your case? Schedule a consultation today so we can go over all the details and come up with a plan to get you the compensation you deserve.