Companies in states like Florida should have disaster plans that can help them prepare for a hurricane. Being proactive can mean the difference between a minor loss and a one that bankrupts a business. Ideally, every employee will know what the plan is and their role if a disaster strikes. It also is important that a plan is flexible enough to account for what is actually happening in a given scenario.
If you are a Florida business owner, it might seem as if nothing can be worse than dealing with insurance claims for property damage. When claims are delayed or denied, businesses might risk going under. It is important for you to know what to do if your insurance company is dragging its feet or has wrongfully denied your claim.
It isn't uncommon for small businesses in Florida to purchase a business owner's policy (BOP). This type of policy can provide coverage against property or other liability risks that they may face. It is also possible for companies to buy the specific types of coverage that they need. Companies that purchase a BOP will receive a payout if their businesses are interrupted because of a natural disaster. It may also pay expenses related to a temporary headquarters.
Florida business owners may be most likely to file insurance claims following burglary or theft, but the most expensive type of claim is reputational harm with an average cost of $50,000. Vehicular accidents are the second most costly. However, these are both the least common of the top ten claims businesses may file according to a study by The Hartford Financial Services Group, Inc.
Many Florida small business owners have a lot invested in their enterprises. Even when it's not mandated by contractual obligations, such as in commercial property leases, it simply makes sense to stay protected against certain risks by carrying business insurance. They say that insurance may be the only product both seller and buyer hope never to use. If a loss occurs, however, it seems logical for the business owner to file a claim and receive a compensatory payout. Under some circumstances, that may not be true.
Hurricane damage has been seriously devastating to many local Florida businesses, especially when their insurance policies delay or deny payments on their business insurance coverage. For businesses with significant exposure to the outdoors or impacted stock, hurricane damage can be particularly damaging. Golf courses are some local businesses that have been seriously affected by the results of the storm, especially when they are family owned, without the financing or support of a larger chain to fill in the gaps while waiting for insurance.