Courtesy of iii.org Natural disasters can be devastating to businesses. While damage caused by some types of natural events—such as lightning or wind—will usually be covered by commercial property insurance, you need a special policy if you want protection from flood damage. This Q&A will help you understand this type of coverage and determine whether your business needs it. Frequently asked questions about flood insurance Q. Does my commercial property insurance include flood coverage? A. No. Damage from flooding, including flooding generated by hurricane-generated storm surge, typically is not covered under a standard commercial policy, including a Commercial Package Policy (CPP) or a Business Owners Policy (BOP). Flood insurance is available from the federal government’s National Flood Insurance Program (NFIP). Q. What does flood insurance cover? A.Flood insurance covers damage to your building and contents caused by flood. This includes losses resulting from water …
Help on Protecting Your Business From Bad Weather Effects
Courtesy of iii.org Courtesy of iii.org With predictions of an above-average hurricane season issued by Colorado State University this week, businesses need to take measures to prepare and increase their chance of surviving, according to the Insurance Information Institute (I.I.I.). Forty percent of businesses do not reopen after a disaster and another 25 percent fail within one year, according to the Federal Emergency Management Agency (FEMA). But by taking action now to prepare, businesses can increase their chance of getting back on their feet financially and keeping their doors open. The I.I.I. and the Insurance Institute for Business & Home Safety (IBHS) recommend the following steps: Develop a Business Continuity Plan Having a business continuity plan is vital for companies to prepare for, survive and recover from a hurricane. Use IBHS’ free OFB-EZ® (Open for Business) business continuity planning tool to create a plan that focuses on recovering after the …
Condominium Insurance
Courtesy of iii.org Because co-op and condominium owners share their building structures, two policies—a master policy and an individual policy—are required to fully protect all parties involved. Learn more about insuring a co-op or condo. If you are purchasing a condo or co-op, the bank will require insurance to protect its investment in your home, and your co-op or condo agreement will likely require you to have insurance, as well. There are actually two different policies necessary to fully insure co-ops and condos—a master policy for the building, and an individual policy to cover you for liability, to protect your belongings and to insure any apartment structural elements that are not covered by the master policy. Here's what you need to know about each type of insurance. The master co-op or condo policy This is the policy that protects the entire apartment structure; the building management is responsible for it and its premiums come out of your maintenance fee …