GT Insurance Blog

Insurance problems and cures

After the disaster – Commercial Property Insurance

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When you have a large property loss, do you have enough insurance to clean up and prepare your site as well as to replace the building?  Will your business survive the event?  Here are some steps to help y0u prepare, and to increase your change of coming back from disaster.

  1. Local laws, ordinances, and building codes can affect your ability to repair or rebuild. 
  2. The laws may require you to tear down the remainder of the building if it is significantly damaged.
  3. Debris from an older building may be regulated by hazardous waste laws.
  4. If the building is more than a few years old, new building codes can force you to spend more than simple replacement cost.   As examples: interior and exterior doors may have to be changed;  hallway widths may have to be altered; stairway requirements may have changed; fire suppression systems may have to be upgraded, or installed if you did not have them before.  
  5. In the event of a widespread disaster, a hurricane for example, prices for building materials and labor usually rise because so many building owners are trying to rebuild at the same time.
  6. Even if your building sustains little damage, what insurance coverage do you have if damage to buildings near your business blocks access? 
  7. What coverage do you have for power failures?

Most of these questions can be addressed in advance by talking with your local municipality as well as with your insurance advisor.  Call us at 800-548-2329 for advice or click here for more detailed disaster planning advice from our web site. 

On the topic of disaster recovery, here’s an IT provider (IT Radix) who we think does a great job for their clients.  They were taken down by a goose flying into their power lines!  Click here for their story.

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