Analyzed Insurance

Homeowners aren’t the only people who may be affected by a disaster, as businesses may face losses as well.

Given that August marks the fifth anniversary of Hurricane Katrina, businesses may consider reviewing their disaster plans, which would include their insurance coverage. The Insurance Information Institute recently outlined a number of steps that owners can take to make sure their commercial endeavors are protected.

Regarding business insurance coverage, the III said that businesses should have enough protection against the loss of the building that houses their company.

Business owners should also consider protecting their inventory and having a policy against the interruption of their operations, the III said.

Flood or hurricane coverage should also be looked at, as policies against damages must generally be purchased in addition to standard protection.

“Your disaster recovery should include a detailed review of your insurance policies to ensure there are no gaps in coverage,” the III said.

Along with insurance coverage, business owners should make sure they have an emergency response plan that will cover the immediate concerns during a natural disaster. The Federal Emergency Management Agency recommends the same for homeowners.

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