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Fire & Water - Cleanup & Restoration

The Importance of Reviewing Commercial Storm Insurance Coverage

3/31/2020 (Permalink)

Structure of a building damaged by storm Storm damage to a Westwood Village, CA building

The Importance of Reviewing Commercial Storm Insurance Coverage

The right commercial storm insurance for your company in Westwood Village, CA, can offer peace of mind and protect your business from a disaster. It's a good idea to meet with your insurance agent at least once a year to go over your policy. This allows you to update features if your business has expanded or changed in any significant way. It also enables you to see if rates have changed and if a better package fits your needs. When reviewing your policy, consider looking at the following items:

  • The total you are paying for premiums
  • The level of deductibles you have
  • Any changes in the insurance industry that affects your policy
  • Any gaps in insurance coverage that leave you unprotected

Your agent may also have ideas to improve your coverage. A good decision on insurance could save your company thousands of dollars.

Deductibles

You should be able to customize your deductibles on your storm insurance. In general, the higher the deductible you choose, the lower your overall premium. It pays to understand some of the terminology related to this area of your policy. A dollar deductible refers to a dollar amount that the business owner must pay before the insurance company pays for damages. A percentage deductible replaces a fixed dollar amount with a percentage of the total loss, such as 2 percent; this type of deductible has become more common due to a trend of large storms in the U.S. The rules governing deductibles vary from state to state.

Recovery

If your company is hit by a large storm, you will be glad you spent some time getting your storm insurance coverage in order. It can be a big help in the recovery process. Working with a professional storm mitigation franchise can also give you additional peace of mind. A trained company allows you to get back on your feet as quickly as possible.

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