Is your Florida-based business ready for hurricane season?
The first day of June is almost here. For many people, that means the kids are getting out of school and summer vacation season is beginning. For others, it's a welcome sign that warmer days are coming.
It's also the beginning of the Atlantic hurricane season in the U.S.
Hurricane season, officially, lasts from June 1 through November 30. During that time, it's likely that at least a couple of Atlantic hurricanes will make landfall on the eastern seaboard in the United States.
Florida is a frequent target of hurricanes. The costliest hurricane to ever hit the U.S. was Hurricane Andrew in 1992. That Category 5 storm made landfall at Elliot Key, FL. It cut a line of damage across the entire state as it worked its way into the Gulf of Mexico.
If you own a business in Florida, you need to be prepared for hurricane season with proper insurance. Otherwise, you could lose your business entirely.
It's also the beginning of the Atlantic hurricane season in the U.S.
Hurricane season, officially, lasts from June 1 through November 30. During that time, it's likely that at least a couple of Atlantic hurricanes will make landfall on the eastern seaboard in the United States.
Florida is a frequent target of hurricanes. The costliest hurricane to ever hit the U.S. was Hurricane Andrew in 1992. That Category 5 storm made landfall at Elliot Key, FL. It cut a line of damage across the entire state as it worked its way into the Gulf of Mexico.
If you own a business in Florida, you need to be prepared for hurricane season with proper insurance. Otherwise, you could lose your business entirely.
The Atlantic hurricane season is almost here
Property Insurance
Commercial property insurance is available to you if you operate out of a commercial building. Typically, a commercial property insurance policy will cover loss that's a result of theft, fire, smoke, vandalism, and, most importantly, wind.
The specific property covered will be named in the policy. Usually, though, it covers buildings, documents, and equipment. The really good news is that some property insurance policies also cover loss of income caused by business interruption. So, if your business is unable to operate for several days (or weeks) after the hurricane, you'll receive compensation for that down time from the insurance company.
Flood Insurance
Hurricanes are not only known for powerful winds, they're also known for dumping a lot of rain on the ground. Rains can cause flooding, especially in areas near the ocean or a river.
If your business is located in an area that has the potential for a post-hurricane flood, you might need flood insurance in addition to your standard commercial property insurance. This is because you could experience damage that was caused by a flood, but not by wind or other hazards specifically named in the policy.
Flood insurance, like commercial property insurance, will cover you for damage caused by flooding. Typically, specific items that are covered include the building, its foundation, electrical systems, plumbing equipment, climate control equipment, kitchen equipment, carpeting, paneling, and fixtures.
It should be noted, though, that flood insurance does not cover damage caused by mold, mildew, or moisture when that damage could have been avoided with reasonable efforts of preventative maintenance. In other words, even with insurance, you're still going to want to make a good faith effort to prepare your property for the worst and limit the damage.
Hurricane season is almost here. Be certain that your Florida-based business is ready for it with proper insurance.
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