When Your Florida Business Has Property Damage

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Businesses claim both property damage and business losses

Whenever we think about damage from hurricanes and other natural disasters, we usually think of damage done to property. But property damage insurance claims are more complicated for Florida business owners. Business property insurance covers damage done to both the structure and contents of the property and it also covers lost business income. A hurricane or other natural disaster may make it impossible for people to access your business due to blocked roads, evacuations or power outages.

Property damage can ruin your business if your insurance claim is delayed

Different businesses need different combinations of property damage insurance. To determine your business insurance needs, you should review your property and risks. Your property is the building and equipment and inventory you own. Your risks are the financial responsibilities you have for the people who work for you. These are some of the types of insurance available to help business owners protect their property:

  • Boiler and machinery insurance pays for property loss or damage as a result of equipment breakdown.
  • Business income or interruption insurance pays lost earnings if your business operations are interrupted due to an insured property loss.
  • Extra expense coverage reimburses the business for added expenses that occur while repairing and interruption of business operations due to an insured loss.
  • Flood insurance covers losses to your building and its contents due to flooding.
  • Property insurance protects business property and physical assets. There are three main types:
    • Named-peril coverage specifies events that the policy covers. For example, a named-peril policy that protects your businesses from losses due to fire, explosion and smoke.
    • Comprehensive coverage provides coverage for all perils (unless they are specifically excluded in the policy).
    • Windstorm insurance pays for losses to buildings and their contents caused by windstorms (such as hurricanes and tornadoes) or hail.

Finding the best insurance plan to protect your business is one of the many important decisions a small-business owner makes. The State of Florida’s Department of Financial Services has a guide that explains required and optional coverage you need to consider.

Property damage can ruin your business if your insurance claim is delayed

If your business was affected by a hurricane or other natural disaster, you should contact a business property damage attorney. Insurance companies are often slow to pay claims for property damage and income losses. An experienced attorney can help you ensure that you are getting the compensation you deserve within a reasonable time period.

Skilled Florida Business Property Damage Attorneys

If your property is damaged, the lawyers at Johnson & Williams, P.A. can help with your claims. Our lawyers help business owners in Orlando, Winter Haven and Kissimmee get compensation from their insurance company without undue delays. Call (407) 245-1268 or contact us online to schedule a free consultation.