Does My Business Really Need Earthquake Insurance?
Depending on where you live, earthquakes are a reality for many. They can’t be prevented and are extremely hard to prepare for. And although building codes have come a long way with the latest in innovative construction, many people — and specifically — many business owners, don’t realize they still need earthquake insurance, independent of their standard insurance.
As property experts, CIG understands that earthquakes are an undeniable risk, especially in California. In fact, each year, California experiences approximately 10,000 earthquakes. Although most of these are too minor to be felt, it’s still important to be prepared — especially for business owners.
What Does Earthquake Insurance Cover?
Typically, a business earthquake policy covers damage to your building and any damage to your business property, such as inventory or equipment. In some cases on certain policies, lost business income (known as business interruption) may also be covered, so be sure to check with your agent.
What to Know
Qualifying for earthquake insurance might require additional or special inspections of your property. The building must be built to code and secured to the foundation, and the age/condition of the building is a factor, as well as the type of building material (wood frame vs. brick or stone). Braces or other improvements might be necessary before you can be granted coverage.
Ready to learn more about CIG’s earthquake coverage? Contact a local CIG agent and get a quote today!