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Business owners should adequately protect themselves with insurance coverage in case of winter stormPosted On Thu, March 4, 2010
As winter weather continues to wallop the East Coast with record snowfall totals during February, many businesses that suffer weather-related damages may want to check their insurance coverage to see what may be able to be repaired at little to no cost to them.
According to the Insurance Information Institute, many standard business insurance policies cover weather-related maladies that may occur during a storm such as burst pipes, ice dams, and collapsed ceilings or walls caused by the weight of snow.
Additionally, businesses that are stricken with a power outage can also utilize property insurance or coverage for their machinery to recover some losses.
"After a major disaster, it can take more time than many people anticipate to get a business back on track. There is generally a 48-hour waiting period before business interruption coverage kicks in," said Loretta Worters, the institute's vice president. "Too many business owners fail to think about how they would manage if a disaster damaged their business premises so that it was temporarily unusable."
Additionally, Worters noted that companies who take out business interruption insurance can protect themselves in the event that their business is open and running as usual while its suppliers' production have been slowed by a weather event.
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