Insureon Blog

Do I Need Lightning Bolt Insurance?

30. July 2013 11:31

If you haven’t spent much time thinking about lightning bolt insurance, now might be a good time to start. Why? Because in the last ten years, the average dollar amount for a lightning-related insurance claim has almost doubled, even as the number of insurance claims related to lightning bolts has fallen off sharply. (In related news, read about what happens if a more unlikely meteorite hits your business.)

Why? Because even though lighting is causing fewer insurance claims (thanks to surge protectors and lightning rods), it’s hurting more valuable gadgets.

If your business depends on computers, smartphones, tablets, or other gadgets that need to be plugged in regularly (and so are susceptible to damage from lightning bolts), be sure you’ve got adequate insurance to protect the damage that electric storms can cause. Here’s how.

Good News: Property Insurance Covers Lightning Bolt Damage (Usually)

Most small-business owners are relieved to learn that a standard Property Insurance policy (or the Property coverage included in a Business Owner’s Policy) covers the damage caused by lightning bolts. But that’s not the end of the story, because lightning can cause damage in multiple ways:

What Benefits Does Property Insurance Offer after a Lightning Bolt Strikes?

When you file a Property Insurance claim after a lightning bolt hits your business, the coverage you’re able to collect will depend on the terms of your policy. Specifically:

Time to Buy Lightning Bolt Insurance?

Bottom line: if you don’t already have a Property Insurance policy for your business, it’s a good idea to invest in one to protect your business premises and the gear you rely on to serve your customers.

If you already have a Property policy in place, you’re probably covered for lightning strikes. To get an idea of exactly which lightning-related events your policy protects you for, review the fine print of your policy or dial up your insurance agent for a review. 

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Small Business Risk Management | Tips for All Small Businesses

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