The range of weather risks that could disrupt your operations, damage your property, or lead to financial losses is as wide as the United States. From hurricanes to wildfires to floods to ice, extreme and unpredictable weather can impact your business in any season, raising the need for business insurance.
However, more than a quarter of business owners admit in a recent survey that they carry inadequate business coverage to mitigate the negative impacts that weather can exact on their businesses.
Here’s a close look at how weather risks can impact your business. Learn how a call to Hulett Insurance can get you the coverage to help recover from such events.
Weather Risks to Your Business
Extreme weather can come in many forms, depending on the season and the location of your business. Consider these potential weather events:
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Spring: Thunderstorms, tornadoes, flash floods, and hail
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Summer: Hurricanes, thunderstorms, extreme heat, and wildfires
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Fall: Hurricanes, wildfires, and drought
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Winter: Extreme cold, snowstorms, and ice storms
Natural disasters can significantly impact your business, causing extensive damage to your property, ruining inventory, creating unsafe conditions for employees or visitors, and knocking out power, which shuts down your business.
Business Insurance That Can Help Keep You in Business
You can consider several essential coverages to help get your business up and running after a weather event.
Commercial Property Insurance
Your building, inventory, equipment, and other assets can be damaged by wind, fire, hail, and any extreme weather events. Commercial property insurance can assist with paying for repairs and replacements.
Business Interruption Insurance
If your business is shut down for repairs from a covered loss, business interruption insurance can cover operating costs. These include loan payments; mortgage, rent, or lease payments; payroll; taxes; and the revenue you would have made if you were open.
Commercial Flood Insurance
Your property insurance may not cover all types of flooding. Commercial flood insurance can help you recover from a catastrophe caused by blocked drains during excessive rain or snow. While your business might not sit in a flood zone, it could still flood.
General Liability Insurance
Severe weather can create hazards on your property that may injure someone outside the company or damage their property. General liability insurance may cover legal fees, medical expenses, and settlement costs if your business is found liable for damage related to the weather.
Workers’ Compensation Insurance
Workers’ compensation insurance is typically required by law to cover the medical expenses and lost wages incurred by an injured employee. Your employees may be at an increased risk during a weather event and become injured while performing their usual duties.
Without these coverages, your business may find it difficult to recover after a weather event and have to shut down permanently.
Increased Financial Risks
Beyond losses from property damage, business interruption, and liability claims, businesses also face the possibility of increased operating costs because of weather. As a business owner, you may want to consider your overall financial vulnerability because of weather risks and the business insurance options that can help you mitigate those risks.
Talk to Hulett Insurance About Weather Risks
Businesses face many risks, including damage and loss caused by weather. You don’t have to let a hurricane, wildfire, tornado, flood, or some other natural disaster knock you out of business.
Hulett Insurance is a trusted independent insurance agency that can help you assess the coverage you need to recover from a weather event. Give us a call today.
