Insureon Blog

The Tornado Ate My Insurance Policy

4. June 2013 16:30

Many business owners in the Oklahoma cities of Moore and El Reno, which were both hit by massive tornadoes in the last two weeks, are now facing the challenging and frustrating task of rebuilding their businesses in the aftermath of a destructive natural disaster. (For more on the predicted weather damage for 2013, check out "Rain or Shine? Either Way, Weather Likely to Cause Damage in 2013.")

News outlets have estimated that the damage from the Moore tornado alone will cost as much as $5 billion. The good news: Most of those losses, it seems, were insured. The bad news? Thanks to the nature of the storm, more than a few business owners are having trouble tracking down the policy paperwork that proves they have coverage. 

Here’s a look at some of the most common challenges business owners face with their insurance after a natural disaster and how you can prevent them from slowing your recovery.

Post-Insurance Purchase: Prepare for Natural Disasters

While buying business insurance is key to weathering the destruction and property damage that a natural disaster can cause your business, your preparations shouldn’t end with the purchase of a policy. 

Once you’ve signed on the dotted line, be sure to do the following…

Can’t You Just Use Your Insurance Provider’s Copy of Your Policy?

Eventually, you may be able to. But do you know your policy number offhand? What about the contact number of your agent or provider? What about your agent’s name? If you don’t know this information off the top of your head, it could be tricky to convince your provider to cut you the check you need to fix your roof.

And if your business is hit with damage from a major natural disaster, chances are you won’t be the only business owner without ready access to important paperwork. 

So while you may ultimately be able to get coverage without having access to a copy of your policy, it will most likely take much longer to receive benefits than it otherwise would have. And when you’re unable to operate your business because you need insurance benefits, even a few days’ delay can translate to major losses.

Bottom line? As with most things, when it comes to preparing your business for a disaster, it’s better to be safe than sorry.

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Risk Management

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