Do Your Small Business Clients Have The Right Insurance To Weather A Winter Storm?
Winter storms are second only to hurricanes and tornadoes in terms of insured dollar losses: about $1.25 billion per year
. Unfortunately, many small businesses owners may not understand the risks that winter storms pose to their businesses. While property damage may be the most obvious hazard, they need to be aware of other risks, including:- Equipment damage
- Loss of income if the business is unable to operate
- Liability for damages or injuries
As insurance agents, its our job to help our small business clients assess these risks and choose the right policies to protect their businesses.
Property damage
The most common property damage caused by winter weather includes:
- Roof damage Heavy snow and ice can put incredible strain on roofs, particularly the flat roofs that cover many commercial buildings. Winter newscasts are often filled with collapsed roof footage; these are almost always businesses, not residential structures.
- Water damage This is caused mainly by:- Burst pipes When water freezes, it expands. This expansion is powerful enough to crack pipes made of metal or plastic and the resulting damage from water pouring out of leaking pipes is usually extensive and costly.- Clogged gutters, i.e., ice dams Ice dams occur when melting ice and snow cant flow freely through gutters. Water backs up behind these frozen dams and with nowhere else to go, seeps into ceilings and walls. Its typically a mess and expensive to repair.Business owners are often presented with basic property coverage that covers named perils such as lightning, windstorms, explosions, fire, smoke and others. However, its important to note that the named perils may not include falling objects including roofs or water damage. Coverage optionsTo help your clients cover this insurance gap, make them aware of these coverage options:- Broad-form property policies These policies typically cover the usual suspect named perils, but can also include collapsed roofs and water damage. - All-risks policies These policies cover businesses for property damage or loss due to just about any cause, with a few unlikely exceptions: war, nuclear hazards and the like.- Business owners package (BOP) policies For small businesses needing $10,000 or more of coverage, a BOP is often the right choice. BOP policies cover property and equipment, loss of income, expenses, liability and more.Other ways to helpMaking sure clients have the winter insurance they need is a great service. But you can also help them by asking what theyre doing to prevent winter disasters. These questions might include:- Whens the last time you had your roof inspected?- Do you clean your buildings gutters regularly?- Are the water pipes in your building insulated?Take the time to show your small business clients that youre looking out for them. Your effort will be rewarded with long-term, loyal clients for years to come through all kinds of weather.by: Pamela McCann Title Insurance Provides Outstanding Protection Florida Title Insurance Heading For Better Covers Consider You Happen To Be Insured? Just Think (and Check...) For A Second Time! Obtain The Top General Insurance Coverage Organization By Hunting For These Characteristics Finding The Best Income Protection Insurance In Australia Hiring Packers And Movers Gurgaon Just Got Simpler With Additional Benefits Of Insurance An Ohs Guide To Becoming Self-insured Some Important Considerations When Thinking Of Jewellery Insurance The Community Insurance Coverage Shows New Vista How To Effectively Compare Insurance Quotes Online How To Find Insurance With A Dui Record Why Your Company Needs To Seriously Think Of Receiving Commercial Legal Expenditures Insurance Cover Advanced And Beneficial Yes Pay Insurance Service For The Customers Need And Requirement