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Does Your Business Need Wind and Hail Insurance?

September 5, 2022

Does Your Business Need Wind and Hail Insurance?

Insurance claims related to wind and hail damage are the third most common among small business policyholders.

Strong winds and hailstorms can cause significant damage in very little time to your business property, resulting in costly repairs and disrupting your business. Gale-force winds can push trees onto buildings. Hail can shatter windows and damage your exterior.

Having the right small business insurance in place can help your business recover after a storm. It’s also important to protect your property from severe weather events. Let’s take a look at how you can protect your business from wind and hail damage, both physically and financially.

What does wind and hail insurance cover?

Just as wind and hail insurance goes by many different names, what it indemnifies all depends on the policy and the insurer. For the most part, though, wind and hail insurance covers standing structures, such as your office building, as well as detached structures such as an unattached garage or shed. It may also cover certain equipment.

What it does not usually cover are vehicles. For instance, if you have a company car and the windshield is damaged by hail stones, you shouldn’t file a property insurance claim. That’s something that concerns your auto insurance policy. Your insurance company may offer auto insurance, allowing you to bundle and potentially save money than you would by going with a separate insurance company.

What insurance policies cover wind and hail damage?

Commercial Property insurance may cover wind and hail damage claims, but as with anything in the insurance world, the details are everything.

  • In much of the country, coverage for hail and windstorm damage is standard on a commercial property insurance policy.
  • In coastal areas exposed to hurricanes, wind and hail damage are often excluded from a standard insurance policy. Small, medium and large businesses have to purchase separate coverage for these exposures. You might be able to add wind and hail coverage to your existing property insurance, though it would likely come with a separate deductible.

You might also consider a Business Owner’s policy (BOP) that bundles General Liability insurance with Commercial Property insurance. A BOP is usually less expensive than if each of these policies were bought separately.

Business interruption insurance is another policy that can help your small business recover from a temporary shutdown that is tied to a commercial property insurance claim. However, this typically only applies when your business has sustained physical damage, such as from a storm, and has been forced to close for a set period of time.

Commercial auto insurance covers legal bills, medical expenses, and property damage if a business vehicle is involved in an accident. Comprehensive coverage includes damage from vandalism, theft, fire, and other causes. Check with your insurance company to make sure that wind and hail coverage are included.

 

About CMR | PolicySmart®

PolicySmart’s risk management consultants provide independent group benefit, retirement and commercial insurance advice by reviewing your current portfolio of policies to improve coverage and reduce cost. By using our proprietary database – The CMR Database® (comprising some 13,000 brokers and specialists globally), we maximize access to the insurance and retirement industry providing greater options that will translate to better coverage and lower cost.

Please email croche@policysmart.com or call 888-873-1982 or 212-447-4300 for more information.  www.policysmart.com

 

About CMR | PolicySmart®

CMR & Associates’ risk management consultants provide independent group benefits, retirement and insurance advice by reviewing your current plans to improve coverage and reduce cost. Through CMR’s proprietary database – The CMR Database® (comprised of some 13,000 brokers and specialists globally), we maximize access to the insurance and retirement industry for greater options that will translate to better coverage and lower cost.