It might be mid-September, but the hurricane season is far from over, and if weather forecasters are right, the rest of the season could be pretty brutal for businesses around the Gulf Coast. If your business maintains a commercial insurance policy, you might think you are well protected to weather the rest of the hurricane season, but this might not be the case. Nuances in your policy might actually leave you unprotected, so before the next hurricane hits, make sure your commercial insurance policy is up to the task.
Flood Damage vs. Water Damage
Just because you don’t have flood insurance doesn’t mean some or all hurricane damage isn’t covered by your business insurance policy. Whether your business is far inland from the coast or was in the direct path of the storm, damage should be covered under your policy unless explicitly stated otherwise. How the water enters your home or office can also matter when determining if water damage is covered. If wind uplifting the roof or broken roof fasteners caused water to enter the building, this type of damage would usually be covered. On the other hand, if rising water from storm surge or overflowing waterways entered the building, that might not be covered under most policies. If you’re unsure whether or not your damage is covered under your policy, talk to an experienced wind and hurricane damage attorney to understand your options.
Look Out For Special Deductibles
Sometimes insurance companies treat hurricanes different than other types of natural disasters. Deductibles for hurricane damage can be much larger than deductibles for other types of property damage. It’s important to determine if your deductible changes for “named storms,” and if so, by how much. You don’t want to end up with a deductible you can’t afford.
Consider Business Interruption Insurance
Hurricanes and severe wind won’t just damage your property; they’ll damage your income. Having a business interruption insurance policy can help you obtain compensation for lost income while you work to get your business up and running again.
Know Your Rights
After a natural disaster, insurance companies might try to mitigate payouts through bad faith insurance tactics and lowball settlement offers. The type of loss experienced after a hurricane can be stressful, but obtaining compensation shouldn’t be. If you think your insurance carrier isn’t acting in good faith or is minimizing your claim, talk to a hurricane damage lawyer to protect your rights.
Raizner Slania: Hurricane Damage Claims
If your commercial insurance carrier has denied, delayed, or disputed your business hurricane damage claim, an experienced insurance dispute attorney at Raizner Slania LLP can help. Call us today for a free consultation. We handle all bad faith insurance litigation cases on a contingency fee basis, meaning you will not pay us anything unless we help you recover compensation.