You built your home on the coast, and the weather is lovely. The gorgeous sunsets and breeze blowing in make living here dreamy. That dream can turn into a nightmare if you aren’t prepared for hurricane season. Below are tips about hurricane insurance.
Most people obtain homeowners insurance coverage and don’t worry about storms. They are certain that insurance will cover the damage. Do go over your policy and find out if it covers hurricane insurance. In most cases, it doesn’t. Flooding is typically not covered either. Don’t get caught in a disaster without homeowners insurance coverage for hurricanes.
Do you know what your commercial insurance policy covers? You may be surprised to learn that it generally does not cover hurricane damage. Do purchase a policy with your insurance coverage for hurricanes. Hurricane season can be disastrous to business owners. Don’t let that happen to you.
Wind from a big hurricane just slammed your car into another car. You aren’t worried. Your auto insurance will take care of it, right? More than likely, the answer is wrong. Unless you have collision and comprehensive added to your auto policy, you may be out of luck. Do add these to your policy if you don’t already have them. Don’t find yourself up-the-creek without your car.
Insurance coverage can be complicated to understand. You purchase it and think you’re covered. That simply isn’t the case where hurricanes are concerned. Do check your policy to see where you stand. Don’t get caught in the storm without your umbrella of coverage. Hurricane force doesn’t have to force you to lose out.
Most people enjoy spring time weather. However, hurricanes are more likely to occur after spring ends. Hurricane season starts in June and ends on November 30. Hurricanes can do a lot of damage and can be frightening to live through. Fortunately, there are things that you can do to stay safe during a hurricane. Below is a list of things that you can do in order to prepare for hurricane season:
Make Sure That You Have The Proper Insurance Coverage
You will need to review your insurance coverage before the hurricane season starts. Your homeowner’s coverage may be sufficient. However, you may also have to get hurricane insurance. Your homeowner’s insurance coverage will likely cover the wind and rain damages, but it may not cover flood damages. That is why you may have to get hurricane insurance. This form of insurance will cover any type of damage that the hurricane causes.
You may also want to review your commercial insurance policy and auto insurance policy. Your commercial insurance can cover damages that a hurricane causes to your building. It can also cover losses that occur if you are forced to temporarily shut down your business because of the weather. Auto insurance will cover damages that the hurricane does to your vehicle.
Before the nice spring weather ends, you should take inventory of everything that is in your home or business. This will make it a lot easier for you to file an insurance claim.
Make An Emergency Kit
You should stock an emergency kit that has basic things that you will need to survive. First aid kit, change of clothing, essential medication, water bottles, non-perishable food items, batteries, flashlights, pillows, blankets, sleeping bags and personal hygiene items are some of the things you should put in an emergency kit.
Hurricane season, which generally lasts June 1-November 30 in the United States, can be of great concern for business owners or homeowners who live in areas prone to these forces of nature, such as residents of the east and gulf coasts. With the 2015 season right around the corner, spring time weather can turn deadly very quickly. Therefore, it’s imperative people in these areas make sure various types of insurance coverage, such as homeowners insurance coverage and auto insurance, are updated to cover any losses they may incur.
For homeowners, there are steps they can take to help limit potential damage to their homes. Permanent storm shutters can be installed to keep windows from breaking, while straps or clips can be used to secure the roof to the frame’s structure in the event high winds arrive. It’s also a good idea to make sure all garage doors are reinforced, since failure to do so can result in catastrophic structural damage to a home if wind enters in this manner.
Business owners can also take steps to ensure they come through the situation with as little damage as possible. Commercial insurance policies should be updated to make sure the coverage is adequate, since many businesses start out with modest coverage amounts and then need additional coverage as the business grows. To limit damage to the building and surrounding area, any trees or bushes planted around the exterior should be trimmed back to make them as wind resistant as possible. Important documents should be put in a fireproof box and moved to a safe location, as should any equipment that can be transported.
Whether a homeowner or business owner, hurricane insurance should be an essential part of any insurance package for people living in the pathways of these destructive forces of nature.
Vital Insurance Coverage
Every business owner should have insurance coverage to provide financial reimbursement when disaster strikes. Some of the incidents that can occur to interrupt a business’s operations are natural disasters such as floods or earthquakes. Additional disasters that might affect a business are gas explosions or fires. After a disaster happens, it can take days or weeks for utility workers to turn on power in an area, leading to a massive loss of profits. With business insurance, an owner can opt to have business interruption coverage in addition to a policy that helps to replace equipment lost due to a disaster.
Online Business Insurance
Business owners are accustomed to having commercial business insurance for brick-and-mortar storefronts, but today, it is also vital to have online business insurance. With modern technology, more individuals are operating companies exclusively online rather than having real customer foot traffic. Business owners with online companies offering web design services must have online business insurance when equipment such as computers and printers are nonfunctional due to a natural disaster or destroyed completely by a fire. Online business insurance and commercial business insurance are similar by providing partial or full replacement costs for lost supplies and equipment.
Receive Financial Reimbursement
With business interruption insurance coverage for an online enterprise, owners can seek reimbursement from insurance agents for emergency closures required by the government, moving costs and rental fees for a new location. Despite having an online business, the owner must have a place to have equipment such as printers, telephones and computers to communicate with clients or customers. In addition, business owners can request business insurance reimbursement for the projected operating costs and loss of profits. Having financial documents located off-site in a safe location is vital to prove expenses to a business insurance agent.
Before the start-up of a new business, many business owners omit to include the all important feature of commercial insurance in their business plan. Consider that commercial insurance coverage ranks high in terms of business value. Businesses that consider commercial insurance an asset that increases business value should study the specific type of insurance they need.
Many Types of Commercial Insurance Coverage
Study the business operation in detail before choosing the most important types of commercial insurance coverage. Most business owners begin with employer insurance coverage. Check with the state in which the business is located regarding employer insurance related to unemployment and disability compensation. This information is found at a Worker’s Compensation State Office. Other types of commercial insurance include:
. Product or Service Liability
. Errors & Omissions
. Directors and Business Officer’s Liability
Product or Service Liability
This type of insurance protects manufacturers and service providers from liability due to flaws in materials of manufacture that cause product defects. It protects service providers from liability due to second or third party negligence.
Errors & Omissions
Errors & Omissions insurance differs slightly from product or service liability in that it extends beyond the original scope of work or service, to include defaults on policy, municipal permitting rejections and other damages beyond the control of the business owner.
Automobile insurance may not apply to all businesses. Businesses that utilize company-owned vehicles are required to insure licensed drivers and CDLs, as well as vehicles.
Malpractice Insurance is a necessity for businesses where the potential exists for injuries during work on projects or injuries resulting from professional advice and consultation that cause injury.
Directors and Business Officer’s Liability
Corporations and many non-profit organizations choose this type of insurance as protection against lawsuits.
Once you have decided what type of business you want to run and have acquired the necessary commercial insurance for it, your next step will be to procure the appropriate licensure. You will need to get a business license and depending on the type of business, a perhaps a few others. There may be a state license requirement and a license or two pertaining to the service or goods that you will produce. In addition, you may have to secure a performance bond to ensure that you fulfill any contracts that you may enter into.
Another step that you may want to consider is to write a business plan. It doesn’t have to be fancy; you just need to present a guide on how your business will be conducted. Most banks will want to see one before they consider a loan, and it could be invaluable if you want to attract several investors. It may be difficult to acquire bank loans for a business that isn’t established yet, so consider friends and family and using your own funds to get it started.
Pricing and estimates
Develop a simple information form for pricing and estimates and never do any work on verbal orders; always ensure everything is written down. Before entering into any contracts, educate yourself on costing for labor, materials, and overhead. Once the contract is written, honor it, even if you underbid the project.
Starting a business may be a labor intensive endeavor; however, the rewards can be great. There is much to consider before the business is ready to start, so make sure that you plan accordingly.