BOP Equipment Protection from Storm or Fire Damage
Should a storm or fire damage your business, the equipment within could need significant repairs or even be totally destroyed. Plus, the longer this damage goes unrepaired, the more your financial loss might be in the meantime. Luckily, if your business owners policy (BOP) contains appropriate property insurance, then you will have help replacing or repairing equipment following storm or fire damage. The plan can also cover equipment breakdowns, provided it has the right terms attached. Here’s how this benefit works to your advantage.
BOPs (Business Owners Policies) provide overage for most fires because they are often unpreventable, unavoidable hazards. Should a fire damage your business's property, you'll be able to afford to rebuild with the help of the BOP. If you own the building that you operate from, your BOP can cover structural damage from a fire or storm.
Avoid The Risks of Storm or Weather Damage
Even if one storm does no damage to your business, there is no guarantee that the next one won’t. Storms might arise quickly, and you might have little time to lock down your property before severe damage can occur.
Severe weather is hard to predict, and the property damage that it might cause is hard to prevent. Due to this unpredictability, your BOP’s property coverage will pay for the necessary repairs or replacement items. The plan will cover damage to both company buildings and the items housed within them. Therefore, your stock, materials and equipment will have coverage.
However, when it comes to damaged equipment, you will have to look into the causes of this damage in order to determine if you actually have coverage. Should lightning strike your business, causing your equipment to short-circuit, then you will likely have coverage to repair or replace the items. The same would be true if a portion of your roof collapses onto the equipment. On the other hand, equipment that fails because you neglected it or used it improperly will not have coverage.
Filing a Claim for Property Damage
Should a storm or fire damage your equipment, your first step in the recovery process is to contact your insurer. Although fire damage is not usually so common, property damage claims often skyrocket when storms strike, and insurers often get inundated with claims from throughout the community. In either case if you submit your claim early, then you will face a lower likelihood of having a delayed settlement and a slow recovery period.
Until instructed by your insurer, avoid cleaning up damage (unless that damage poses a clear and present danger to the rest of the property). However, do what you can to keep the property damage from spreading. For example, if the storm or fire puts a hole into your roof, then you should put a tarp over the hole to keep further water or pest damage from occurring.
In some cases, your insurer will send a claims adjuster to your location to document the extent of the damage. In others, you might be asked to submit photos and/or written documentation to support your claim yourself. This will help the insurer determine whether they will pay to repair the damage or to replace damaged items altogether. It's also a good idea to keep photos of your place of business BEFORE damage strikes.
Our agents are committed to working with you to choose the appropriate commercial property insurance for both your equipment and any other belongings that you care about. Come to us, and we’ll make sure that your business is as protected as possible against any unforeseen damages. Just call (530) 534-4600 or contact us HERE.