Coverage so you don’t fall through the cracks.
Commercial earthquake insurance customized by Hausman-Kunkel Insurance.
Earthquakes can really shake the foundations of your business, and since they’re hard to predict, it’s important to make sure your business is covered. You might not think you’re at risk from an earthquake, but since 1900, there have been earthquakes in 39 states with damage recorded in all 50 states. So while it might seem like you aren’t at risk, it’s important to double-check and make sure you have the coverage you need.
Your property insurance might not cover earthquakes.
You might not know this, but your property insurance probably excludes earthquake damage from your policy. This means you will need additional coverage for earthquakes to make sure you’re protected. You’ll want to consider commercial earthquake insurance, especially if your business is located near a geological fault line, where many earthquakes tend to occur. Standard commercial earthquake insurance usually covers damage to your building and your business property, like any inventory or equipment that’s damaged.
Earthquakes can interrupt your business operations.
Earthquakes tear apart neighborhoods, resulting in cracked and broken roads, downed power lines, landslides, and fires. All of these factors, including any damage your building sustains, can force your business to be shut down for days or weeks. Some earthquake insurance plans offer business interruption insurance which can help you avoid financial difficulties by providing your business with income until you resume your normal operations.
What earthquake insurance doesn’t cover.
It’s important to understand what your earthquake insurance policy probably won’t cover so you can make sure to get all the protection you need. Earthquake insurance commonly excludes coverage for the following:
- Land Damage
- Vehicle Damage
For fires and damage to vehicles, you’ll want to look at your standard property insurance and business auto insurance for your coverage. Earthquake insurance typically won’t cover land damage, like sinkholes or erosion, and you’ll need a separate flood insurance policy to protect your business from water main breaks, tsunamis, or other types of flooding caused by the earthquake.
Your business should consider how to mitigate your risks.
You never know when the next big one could hit and cause devastation to your business, so it’s important to consider ways that your business can prepare for the worst and mitigate the risks an earthquake poses to it. Risk management services can help you plan for a potential earthquake by examining your current coverage for gaps and then finding the right coverage to protect your building, property, and employees. Taking steps to manage your risk can help save you thousands of dollars down the line.
For more information about commercial earthquake insurance and how it can help protect your business, reach out to us today.
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