The Importance of Hurricane Insurance for Your Florida Business

The Importance of Hurricane Insurance for Your Florida Business
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Another hurricane season for the state of Florida is in the books, and what a hurricane season it was! Since last year’s season began in April, we encountered 15 total storms, six of which were major hurricanes at a Category 3 or greater, and 16 tropical depressions. Thankfully, the hurricane season officially ended on November 30. While Florida is known as the “Sunshine State,” this does not mean that the weather is always vacation-friendly.

Florida is well-known for severe weather including torrential rains, flooding, high winds, a tornado or two and, unfortunately, hurricanes. That being said, even though Florida business owners know the importance of hurricane insurance coverage, Florida law does not not require it, even for businesses. Even if no law requires this coverage, it does not mean it is financially prudent not to have it.

What You Don’t Know About Hurricane Insurance Can Hurt You

Many business owners across the nation may not realize that commercial property insurance does not necessarily include hurricane coverage. In fact, protection against hurricanes costs extra, and premium for the coverage gets added onto a primary policy. The cost of this additional coverage depends on many factors including the business’s location – like the proximity to the coastline – among others. In the unfortunate event that a hurricane does hit and causes damage to your business property, the financial loss to you and your enterprise can be devastating.

Recent examples of hurricanes just in 2017 causing destruction of both residencies and businesses include Hurricanes Harvey, Irma, Maria, and Ophelia. Billions of dollars’ worth of damages have been incurred in Texas, Florida, Puerto Rico, the Caribbean, as well as Ireland and the United Kingdom. Many of those who suffered damages to their residences and businesses found out too late that their policy lacked hurricane coverage to protect against such a devastating event.

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Central Florida Hurricane Coverage

Hurricane insurance coverage will be provided through your business’s commercial property insurance policy. There may be several types of coverage available depending on the carrier, your location, and how close your business is to the water. These include all peril, named peril, and wind and hail. All peril, the most comprehensive coverage, protects you from everything except those items specifically excluded in the insurance contract. Named peril will only covers those items specifically named in the insurance contract. This coverage is usually less expensive than all peril but, not surprisingly, offers less protection. Wind and hail is the most restrictive when it comes to protection and only covers damage caused by wind and hail. All three types of coverage have a percentage deductible that is attached to the policy’s coverage. (A deductible is the amount the policyholder has to pay out-of-pocket before the insurance coverage kicks in).

Insurance: Hurricane Versus Flood

Florida is well-known for severe weather including torrential rains, flooding, high winds, a tornado or two and, unfortunately, hurricanes.

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Orlando Commercial Insurance Attorneys

If you or someone you know owns a Florida business and has questions about commercial insurance coverage, contact the insurance litigation attorneys at Bogin, Munns & Munns. Serving Florida business owners across the state for more than 35 years, our attorneys can guide you every step of the way. Click here to schedule your consultation today.

NOTICE: The article above is not intended to serve as legal advice, and you should not rely on it as such. It is offered only as general information. You should consult with a duly licensed attorney regarding your Florida legal matter, as every situation is unique. Please know that merely reading this article, subscribing to this blog, or otherwise contacting Bogin, Munns & Munns does not establish an attorney-client relationship with our firm. Should you seek legal representation from Bogin, Munns & Munns, any such representation must first be agreed to by the firm and confirmed in a written agreement.

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