"How to Be Proactive With Your Company’s Disaster Plan”
In an article published in the Birmingham Business Journal, Swift Currie partner Lane Finch, who runs the firm’s Birmingham office, provides insight for businesses regarding how to have the right insurance coverage in the event of natural disasters. Finch, who works in the firm’s Insurance Coverage and Property Insurance practice groups, among others, writes that early estimates of the damage arising from Hurricane Irma range between $42.5 and $65 billion, a significant percentage of which will be borne by businesses. Businesses affected by natural disasters will look to three kinds of commercial property insurance, Finch, writes, including property damage coverage, business income coverage for loss or damage to business property and business income coverage for loss of profit and unavoidable continuing expenses. “As we have all been reminded over these past few months, disasters will happen,” Finch writes. “With this realization, it is important for each company to be proactive in its planning to avoid compounding a problem.”
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