How To Keep Income During Storm Restoration

10/26/2019 (Permalink)

Storm damage to a commercial building in Romeo, TN

How To Keep Income During Storm Restoration

Unfortunately, sometimes unexpected disasters occur, damaging property and hurting your business. No matter the cause, as a business owner in Romeo, TN, it's your job to anticipate the worst and make the rebuild easier. Do so by creating an emergency plan that helps with storm damage clean up and eases the loss of income. Here are a few things to consider.

1. What Is Property Insurance?

Sit down with your agent to discuss your company's coverage. What events are included? How much is the deductible? What would happen if you closed business for a while? For example, typically, your plan covers trouble from weather, leaky pipes, sewer damage, and fire. If these situations occur, you'd need to request compensation for lost goods as well as the cost of repairs. It does not, however, cover lost time and revenue. Both of which could have a major impact on your business's success.

2. Does Your Business Need To Temporarily Close?

While the restoration crews work on your property, you may need to shut the doors. After all, some work cannot be completed while the rebuild occurs. If this is longer than a few days, it could mean a significant loss of income; meanwhile, you're still left to pay bills such as the mortgage and utilities. The standard property insurance policy does not cover this. You'll want to invest in something more for this occasion.

3. Can You Upgrade Your Policy?

When the basic plan isn't enough, you may want to consider business interruption coverage. Usually sold as a package or add on, it can help during difficult times. Under this policy, the agents would evaluate your previous months' revenue and anticipate how much you would have made. This income would then be provided. With this money, you can help pay for current expenses such as electricity and water.
While you hope the worst doesn't happen, you want to be prepared; therefore, review your policy and make sure you have ample coverage for the rebuild and the loss of revenue. Then, let the restoration company work to repair the building so it looks “Like it never even happened.”