Natural disasters hit when least expected, bringing devastating effects. Earthquakes, in particular, leave a trail of destruction, including flooded stores, damaged walls, total loss of stock, and disruption of supply lines.
Typically, small businesses lack enough resources to recover quickly from such disasters. So, in addition to physical damage, an earthquake can lead to long-term financial distress or even closure.
Even so, a small business with the right insurance package can shield itself from the effects of the earthquake. If you’re looking to protect your business from the impact of the next earthquake in California, consider acquiring commercial insurance coverage.
According to the National Geophysical Data Centre, the largest earthquake in US history struck Alaska in 1964, resulting in more than $500 million in property losses.
Closer home, the costliest earthquake occurred in Northridge, California, in January 1974, resulting in a $15.3 billion estimated insurance loss.
The estimated losses include the following:
As you shop for an earthquake insurance plan, consider the coverage options available. Look out for crucial components like building coverage, content coverage, and business interruption coverage.
For instance, as the business attempts to recover from the effects of the earthquake, business interruption coverage will inject cash to pay your bills, replace lost income, or cover your payroll.
It’s also worth noting that a standard business insurance plan doesn’t cover earthquakes. You may therefore need an endorsement or tailored coverage to your current insurance plan.
The cost of earthquake insurance depends on several factors, like coverage limits, business size, location, and building age.
When an earthquake occurs, there’s a high chance it will cause costly and catastrophic damage to your business.
Therefore, despite the cost of the premium, it’ll afford you peace of mind in case an earthquake destroys your business.
Take your time to select the right insurance provider because it’ll directly impact your business. You’ll enjoy valuable benefits like faster claim processing, prompt service delivery, and value for your money.
Here are a few tips to consider:
An earthquake can lead to massive destruction of business property. For instance, a severely damaged wall or business furniture means you cannot open your door to customers leading to a loss of revenue and customers.
Consider working with an experienced earthquake insurance provider like Panorama Insurance Agency. Our team of experts can review your risk factors and recommend a suitable earthquake insurance plan near Northridge, CA.
Contact us online or call us at 818.781.6630 to get a free quote.