Protect Your Business From The Storm With These Insurance Policies

Every year, severe weather disasters cause catastrophic damage and business interruption costs to enterprises all around the world. Energy companies, especially those involved in exploration, development, transportation, generating, and/or distribution, are particularly vulnerable. Utilizing all available insurance coverage and filing claims are crucial initial stages in the recovery process.

Continue reading for insurance coverage strategies you may utilize to protect your business from the storm.

Understand Your Coverage

Your company’s needs may vary over time as you develop, buy more property facilities, own more inventory, or work with a new supplier, all of which are reasons to assess your insurance coverage on a regular basis. Not having enough coverage in place during a disaster can be disastrous for your business’s recovery in the wake of the storm.

Your insurance policy may provide premium discounts for weather-proofing your facility (i.e. hurricane-proof windows, storm shutters, etc.).

Consider Extra Coverages for Protection

Insurance coverage is not all-inclusive; many items are excluded from a conventional property insurance policy. As a result, it is vital to investigate additional coverages that your company may require, such as:

  • Extra Expenditure Coverage: Extra expense coverage is designed to reimburse the policyholder for above-average expenses spent to continue functioning following damage caused by the covered event. Examples include the expense of a generator in the event of a power outage or the costs of operating in a temporary site.
  • Spoilage Coverage: Commercial property policies for insureds in the food-service and hospitality industries may include endorsements that provide coverage for the loss of perishable goods on the policyholder’s premises.
  • Business Interruption Coverage: This coverage is intended to cover lost income arising from the entire or partial stoppage of activities due to covered property damage. Typically, this coverage does not begin until the expiry of a “waiting time” specified in the policy, which is commonly measured in hours.
  • Orders of Civil Authority: Coverage may also be provided when company revenue is lost as a consequence of government directions issued as a result of property damage to other property, which block or restrict access to the covered property. Evacuation orders or curfews are examples of such measures. Even if the company’s own property is not harmed, these losses may be recovered.
  • Ingress/Egress Coverage: Similarly, many plans pay losses when entrance or departure from a covered property is restricted or hampered by covered property damage, such as felled trees blocking a road or a destroyed bridge.
  • Service and Utility Interruptions: Certain policies may additionally cover business interruption losses and additional expenses caused by power, water, and telecommunications outages triggered by an insured event. This type of protection is usually sublimated.

Claim What’s Rightfully Yours with Stone Claims Group

The purpose of Stone Claims Group is to employ cutting-edge investigative methodologies to push the limits of claims research for our customers. Our public adjusters have a lengthy track record of success and expertise working with consumers from all walks of life, and we serve over 15 areas around the country.

When you use our services, you will receive a dedicated team of individuals as well as our combined abilities to give regular communication, attention to detail, and diverse ideas on how to establish your claim.


    Notes (optional): "Please feel free to address anything else (your title, number of buildings, number of stories, number of units, etc.)"