Wind Insurance Coverage for Businesses
When you think of wind damage, what comes to mind? If your business is in the Gulf Coast region, you may automatically think of hurricanes. And if you’re not a resident of the Gulf Coast, you may think of storms, heavy rains, wind funnels. Whether you live in a hurricane zone or not, wind damage can be a costly and destructive force. That’s why it’s important to understand who should get wind damage insurance and when it makes sense to buy it.
What Does Wind Insurance Cover?
If you own a business, home, or commercial property, you’re probably familiar with the many different types of insurance that are available to protect your property. But have you ever thought about wind insurance? Did you know that wind damage is one of the most common types of property damage in the United States? Wind damage can account for more than $2.5 billion in insured losses in one year alone! The right type of coverage can help protect your buildings from damage caused by high winds, and it’s something that every business owner should consider.
Wind damage can be very costly and it’s not usually covered by standard commercial property insurance policies. How much does wind insurance cost? While the upfront cost of wind damage insurance may seem like a lot, it could save your business a lot of money in the long run. Wind insurance is usually a percentage-based deductible (based on the insured value of your property). The benefit of wind insurance coverage is that you’ll be protected from financial losses if your business property is damaged by high winds. Some business insurance for wind damage even includes Business Interruption insurance to cover losses, wages, and costs of an unexpected closure due to a storm. Your commercial property is more likely to be repaired or rebuilt quickly after a damaging windstorm, since your insurer will help cover the costs and may even assist in arranging the rebuild. Most importantly, you’ll have peace of mind knowing that you’re protected from one of nature’s most destructive forces rather than potentially losing everything.
Is Wind Damage Covered in Business Insurance?
Business owners are often surprised to learn that their business insurance doesn’t cover damage from wind but this varies greatly, depending on where you live and the details of your policy. Many standard commercial property policies exclude wind damage, unless you purchase a separate wind insurance plan. So, if you own a business in an area prone to high winds, it’s important to consider buying wind insurance.
If you live inland in an area where there is much lower risk of wind destruction, there’s a chance that your business insurance may include a small coverage amount for wind damage. While your business insurance policy may provide some compensation for wind damage, it’s important to understand the limitations of this coverage. Speak to your insurance agent to discover if wind coverage is included in business insurance or if you need to purchase business insurance with wind insurance coverage.
Where Do Businesses Need Wind Damage Insurance?
As a business owner, you know how important it is to have insurance. Unfortunately, many people don’t realize the importance of wind type of insurance until it’s too late.
For those who own businesses in states surrounding the Gulf of Mexico, it’s even more imperative for you to have the proper insurance. Business Insurance Center provides the following for those who really need it:
- Louisiana wind damage insurance for businesses
- Commercial wind damage insurance for Alabama
- Texas wind insurance policies for businesses
- Mississippi commercial insurance plans for wind damage
- Florida business wind insurance
Hurricane Insurance Protection for Businesses
There are several types of wind damage insurance, including hurricane coverage or named storms insurance (also known as named peril insurance), windstorms, and wind and hail coverage. Regardless of what kind of wind damage you may face, it’s vital to have the right insurance in place.
Hurricanes are known for causing damage to buildings and property, and hurricane wind damage insurance can help cover those costs. Gulf of Mexico residents are even more prone to the devastation that wind causes and you should especially consider getting wind damage insurance that is specific to hurricanes. Hurricane insurance may differ slightly from wind insurance and is usually included in the business property insurance of coastal areas that are prone to storms. In such areas, it may also exist as a standalone plan under the “umbrella” of catastrophe or peril insurance.
Due to the various requirements states have for hurricane insurance, it’s important to talk to your insurance agent at Business Insurance Center today to see if your policy includes business hurricane coverage or if you need to get a separate wind damage insurance plan.
In any case, don’t wait until a storm hits to find out if you’re covered – make sure you’re prepared by getting a free wind damage business insurance quote through the Business Insurance Center today!