Here in the Pacific Northwest, we've been hit with devastating floods which closed businesses, destroyed homes, and even shut down a large stretch of Interstate 5 between Seattle and Portland. Stories abounded about businesses that had flooding issues.
One of my clients called concerned about whose policy would cover damage from backup of sewers into the building - the tenant's or landlord's. Our conversation quickly turned to whether coverage for that peril was even in place! Backup of sewer coverage is generally an additional coverage on property policies, but not always. It's one of those bullet points in your proposal that can quickly be glossed over. Now is a great time to review your policy with your agent and ask to see if you have the coverage and for how much. Those that do may find a limits ranging from $10,000 to $25,000 to be standard. Make sure whatever you have is adequate to protect your business. You never know when you will need it for a rainy day!
Dan
P.S. Need to know other important questions to ask your agent? Join me in January when I interview Scott Simmonds and discuss the "7 Questions You Must Ask Your Insurance Agent Today". It is the first of my 2008 Teleconference Series. To find out how you can join, click here...
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