Hurricane Irma: Should I have business insurance?

Hurricane Irma.

What a crazy storm.  We weren’t sure whether to leave Orlando or stay put. 

After stocking up with tons of supplies, I made a gut decision Saturday afternoon to leave it all and book it. 

We had 12 adults, three toddlers, six dogs, and two cats caravan to Georgia. Thank goodness I have understanding and welcoming family members who provided shelter for all of us! Our videography team and new intern (who you will meet next week) are safe too, albeit without power. 

This storm got me thinking: Should I have business insurance? I’ve been researching some scenarios and here’s a list compiled from Entrepreneur.com & Findlaw.com

  • If your home is robbed and your business computer is stolen, you may find that it is not fully covered by your homeowners’ or renters’ insurance because it is considered business property.
  • If your home is burned down, you may find that your insurance provider refuses to compensate you fully because you neglected to mention that you also ran your business from your home.
  • If a deliveryman is leaving your home when he slips and falls under the weight of the packages from your business, your liability coverage may not pay for his injuries because your insurance does not cover business deliveries.
  • If you are thinking about starting a business in your home, or are already operating a home business, you should take the time to sit down with your insurance provider. It is generally pretty easy to add riders to your pre-existing homeowners’ or renters’ insurance policies to cover the most common business risks.
  • If a disaster or catastrophic event does occur, a business’s operations will likely be interrupted. During this time, your business will suffer from lost income due to your staff’s inability to work in the office, manufacture products or make sales calls. This type of insurance is especially applicable to companies that require a physical location to do business, such as retail stores. Business interruption insurance compensates a business for its lost income during these events.

Of course this all depends on the type of business you have. I wanted to share my findings with you because I know many of you are business owners from Florida. Just something else to think about as our power gets restored.

Many prayers for you and your families. 

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