“The Truth About Insurance to Protect Your Business From Natural Disasters"

Small Business Trends

In an article published on Oct. 8, 2018, Brandon Clapp discusses ways small businesses can best protect themselves from natural disasters with the proper insurance. Given that small businesses are more vulnerable to natural disasters due to a lack of resources, owners should first see what existing coverage they already possess and evaluate their potential risk exposure to ensure they do not pay for insurance they do not need.

Small business owners should consider the variety of property insurance policies that exist. According to Clapp, one of the bigger necessities is a Physical Loss or Property Damage Policy, which covers physical loss or damage to a business’ buildings, inventory or equipment in the face of a natural disaster.

There is a wide range of other business insurance policies for protection during a natural disaster (i.e., Extra Expense Coverage, Business Interruption Coverage etc.). “As a general rule, the more assets the business owns or uses in its business, the more insurance it will likely need to cover those assets in the event of a loss," Clapp advises small business owners. "For example, a business which does not use much equipment or maintain an inventory will have different needs than a business that owns a fleet of heavy equipment and maintains a large inventory.”

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