Businesses are just as susceptible as homeowners to the potential for catastrophes like hurricanes and floods. While consultants might place emphasis on the importance of emergency continuity plans and other measures that ensure that businesses survive the unthinkable, one of the best ways decision makers can prepare is by reviewing their insurance coverage on a regular basis. All emergency preparedness steps are enhanced when the property the business owns is sufficiently covered.
"Businesses of all sizes need comprehensive insurance to protect against disaster. Determining the appropriate amount of insurance can be done via property and risk assessments, along with the consideration of recovery options," says Jamie Miller, head of North America property for Swiss Re Corporate Solutions, in an interview with Property Casualty 360.
One of the most critical areas of preparing a business for disaster is insuring its property. If updated valuations aren't conducted on a regular basis, the replacement cost for the business personal property or the building may not reflect the actual amount needed to restore or rebuild after a crisis. This can lead to settlements that aren't sufficient to cover damages sustained in a natural disaster, fire or other loss. Some commercial customers are proactive about these reviews but others may not.
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Bob Lancaster Insurance
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