Superstorm Sandy was the deadliest hurricane in the northeastern US in 40 years and second-costliest in the nation’s history. Many businesses and individuals are still recovering from the wreckage. As New York continues to rebuild, it is essential to rebuild with strength, to learn from past mistakes and to rebuild stronger for the future.
Rebuilding doesn’t always mean construction. It is also an opportunity to review disaster plans and re-evaluate insurance coverage to insure that you are covered for the future. Business continuation insurance is a coverage option that business owners don’t always think of.
But in the wake of a huge disaster can be costly to businesses. Business insurance is designed to provide insureds coverage for expenses that continue to rack up and net profit that is lost if the business is interrupted due to physical damage caused by a covered peril.
At the Rubin Group, as New Yorkers ourselves, we experienced first hand the disastrous wreckage that Superstorm Sandy left in its wake. Here are some tips for new york business owners on how to make sure your business is prepared for any future disasters.
Read your policy thoroughly. Make sure you know the full extent of your coverage.
Business owners should be aware of the risk of loss from all perils before purchasing a property insurance policy. If it is located near an ocean, bay, or canal, your flooding risk is higher and coverage should be increased accordingly.
Prepare a business disaster plan. If your office is damaged, do you have a backup option? Do you have your files backed in an offsite server? Taking steps now can help mitigate damage in the wake of any natural disasters.
At the Rubin Group we offer Business Interruption insurance to help business owners cope when a natural disaster disrupts their ability to continue business as usual. With this important coverage, your company will receive the revenues it would have earned had there been no loss. Your employees will be paid, your rent or mortgage payments will be made. For a comprehensive review of how you can help to ensure your business survival of a natural or other loss, contact us today.