Once again, the Atlantic hurricane season is upon us. With it comes a sense of apprehension for all along the coast, especially for those in the hospitality industry. For many, a few months’ income will make or break a business, so a severe storm brings potential ruin for a business that is not sufficiently insured. While business owners cannot predict a storm, they can protect their businesses financially; understanding both the insurance product and a business’ risk is essential.

Benefits That Protect a Business From Loss Caused By Physical Damage to the Business Property

The first step in assessing a business’ risk and the insurance coverage needed is to make an exhaustive list of all the property, indoor and outdoor, which must be insured. This list should include structures, machinery, fixtures, furnishings, contents and inventory. Once the list is complete, a business must estimate the replacement cost of the items it intends to insure. Accuracy is essential, as the amount of coverage purchased will limit a business’ recovery.

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