Some business insurance policies cover damage caused by specific natural disasters. However, the specifics of each policy will determine the coverage, and many will not cover damage caused by floods or earthquakes.
In the aftermath of a natural disaster, you can turn to a Lafayette hurricane damage lawyer for help understanding the terms of your business insurance policy. An attorney can also help you explore all potential options for securing compensation to cover your losses.
Will Your Business Insurance Policy Cover Natural Disasters?
If you got business insurance, your policy may cover the damage caused by some natural disasters. However, the exact disasters covered by these policies will vary. Companies do not have to provide the same coverage.
In fact, many business insurance policies will exclude damages caused by earthquakes and flooding.
You must review your policy to see if you have coverage for specific disasters. A lawyer can help you review all the paperwork associated with your policy and determine if your business insurance covers natural disasters.
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ClientDoes Business Insurance Cover Hurricanes?
Some business insurance policies will cover a lot of the damage caused by hurricanes. For example, your policy may cover:
- Wind damage from the storm
- Damage from wind-driven rain
- Structural damage
However, these policies typically do not cover any damage caused by the flooding that frequently accompanies hurricanes due to storm surges and rising tides. Therefore, they may not provide total compensation after a storm.
So, does business insurance cover natural disasters like hurricanes? The answer to this question depends on the policy, but some cover some natural disasters.
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Rick Smith | ClientWhat Losses Does Business Insurance Cover?
Your business insurance policy may cover the costs of property damage after a significant storm or another natural disaster. You may need to hire contractors to repair damage to the interior and exterior of your property.
You should keep records of all the work done to repair your business so you can report your losses to the insurance company.
How Long Does it Take to Get Money Through Business Insurance?
The time it takes to get compensation through your business insurance policy can vary. You can reduce how long it takes a hurricane insurance claim to settle by reaching out to a legal professional for help.
If you work with a lawyer and file all the appropriate paperwork with the insurance company, it may take several months to get the money you need.
The reassurance from Digger and his staff gave me that renewed hope that it’s going to be okay down the road.
ClientYou Can Get Extra Policies to Cover Natural Disasters
If you operate a business in an area prone to certain natural disasters, you may want to purchase additional insurance policies designed to cover these events. For example, you may get flood insurance through the National Flood Insurance Program (NFIP) offered by the federal government.
Some private insurers will also offer flood insurance policies. However, the premiums for these policies may become prohibitively expensive, especially in areas known for flooding.
Additionally, many business owners wonder: does flood insurance cover hurricane damage? This kind of insurance may cover the damage caused by flood waters associated with a hurricane but not damage from winds and other parts of the storm.
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ClientWill Insurance Cover the Costs of Shutting Down Your Business?
Basic business insurance policies typically do not cover the losses you experience from shutting down your company. However, you may still receive compensation for these losses if you have business interruption insurance.
Business interruption insurance will typically apply after a natural disaster like a hurricane. These policies can help you get the money you need to cover your:
- Lost revenue
- Lease, rent, and mortgage payments (for a business property)
- Loan payments
- Employee payroll
- Monthly or quarterly taxes
Your interruption insurance may also cover the costs of relocating your business if you need to move to a new location due to the damage to your original property. Finally, these policies may cover the costs of training your employees if they need to operate new equipment or machinery following a covered loss.
An attorney can review your policies and help you determine if you have interruption insurance and if it will cover your losses after a natural disaster.
When Should You File a Business Insurance Claim?
The professionals recommend filing your insurance claim quickly after a hurricane or another natural disaster. The exact deadlines can vary, but in many cases, you have around 180 days to move forward in Louisiana.
An attorney can review your situation and provide more detailed information about the specific deadlines you face.
Talk to Us About Insurance for Natural Disasters
Does business insurance cover natural disasters? This form of insurance may cover some of your losses for some disasters, depending on your policy. A lawyer from our team at Laborde Earles can review your policies and help you determine what compensation you qualify to receive.
We’re ready to help you in the aftermath of a hurricane. You can reach out today by calling or completing our online contact form.
