From tornadoes and hurricanes to volcanic eruptions, a natural disaster can put an end to your business if you do not have sufficient insurance coverage.
Californians brace for earthquakes and wildfires and business owners must ensure that they take precautions and carry the right kind of insurance.
Choosing your disaster
People who live in America’s heartland are accustomed to tornadoes. Hawaiians live with active volcanoes and Floridians put up with the occasional hurricane. The kind of natural disaster you are likely to face depends on the area in which you live. Many people settle in California because of the great weather and the overall beauty of the state. However, there may be a price to pay. There are earthquakes in California. There are also wildfires.
Looking at coverage
You can get earthquake coverage in California, but the policy may come with high deductibles. Many business owners are more concerned about coverage for wildfires given the recent devastation in many parts of the state. To ensure that you are carrying enough coverage, you should have regular appraisals in case you ever need to make repairs or rebuild. Your policy should cover equipment including computers and protect you in case of business interruption.
Minimizing the risk
If your business is in an area that is prone to wildfires, here are steps you can take to minimize the risk:
– Install indoor and outdoor sprinkler systems
– Use fire-resistant materials for both construction and landscaping
– Clear brush from your property
– Make sure firefighters have clear access to your property
Being proactive not only means doing your best to physically protect your business from a natural disaster, but also to carry the insurance your business needs to survive an event as potentially devastating as a wildfire.