Navigating Hurricane Risks: Why Your Commercial Property Insurance Needs a Comprehensive Review

Hurricanes are becoming more frequent and intense, threatening New Jersey’s vibrant business community. The National Hurricane Center’s decade-long data is shocking. Twenty-one major tropical storms and hurricanes have hit the state, increasing in frequency and severity. Hurricane Sandy cost nearly $30 billion. These ongoing events make the need for robust protection from a New Jersey commercial property insurance program evident.

These weather events are not slowing down. Given the scary historical data, the trends are especially ominous. The past decade shows New Jersey businesses’ vulnerability to hurricane damage, even without considering recent increases in weather events.

Most types of property insurance cover fire and theft but often fall short of hurricanes. In these circumstances, a qualified insurance agent must review your coverage for protection and peace of mind. A look at NOAA’s U.S. 2023 Billion-Dollar Weather and Climate Disasters graphic is eye-opening.

Understanding Hurricane Risks

Hurricanes’ high winds, heavy rainfall, and flooding can damage commercial properties without a direct hit. Hurricane remnants can cause torrential rain and flooding. Hurricane Ida’s remnants flooded New Jersey homes, businesses, and infrastructure. New Jersey’s coastal geography makes companies more vulnerable to hurricanes, which can cause structural damage, inventory loss, and business interruptions.

Due to hurricanes’ severe effects, businesses need more than commercial property insurance. Hurricane-related flood damage is often excluded from these policies. This coverage gap can cause businesses to close or suffer significant financial losses without adequate insurance.

Types of Property Insurance Needed

To fully protect your commercial property against hurricane risks, you need to consider several types of insurance:

• Flood insurance: Hurricanes often bring heavy rains and storm surges, leading to flooding. Standard commercial property insurance usually does not cover flood damage, making flood insurance necessary.
• Windstorm coverage: High winds can cause extensive damage to buildings and infrastructure, including roof damage, broken windows, and structural issues. Windstorm coverage covers these damages, which your standard policy may not fully cover.
• Business interruption insurance: Hurricanes can disrupt business operations for extended periods. Business interruption insurance safeguards against the loss of income during the downtime, ensuring you can continue to pay fixed expenses like salaries and rent. This type of insurance is particularly crucial during hurricane events, when businesses may need to close for repairs or due to power outages.

Having these separate policies in addition to your standard commercial property insurance ensures comprehensive coverage and protection for your assets.

Importance of Insurance Agent Review

Insurance coverage is complicated, so consulting an experienced insurance agent is essential. An agent can carefully review your policies, identify coverage gaps, and recommend customized insurance options. You can rely on their expert advice, which will reassure you and help you protect your business from hurricane damage.

Dickstein Associates Agency helps businesses understand commercial property insurance in New Jersey. Our agents work closely with clients to assess risks, understand their needs, and secure hurricane coverage for their investments. We provide flood, windstorm, and business interruption insurance to protect your business.

Securing Comprehensive Hurricane Protection

In conclusion, more than hurricane insurance is necessary to protect your commercial property. You must understand specific threats, like flooding and wind damage, and obtain separate insurance policies. Business interruption insurance is essential to avoid financial losses during operational downtime.

This process requires an insurance agent’s consultation. An expert review of your insurance coverage can protect your business from hurricane damage and losses.

New Jersey businesses need this comprehensive approach to different types of property insurance. Check your coverage before hurricane season. Take action today to protect your commercial property. Dickstein Associates Agency can provide a complete insurance review and cover your business.

About Dickstein Associates Agency

At Dickstein Associates Agency, we recognize the significance of providing a protective shield for your home. With decades of experience in the insurance industry, we have developed a deep understanding of the unique insurance needs of New Jersey homeowners and businesses. Our dedicated staff works closely with homeowners to tailor policies to their specific requirements using a variety of customizable dwelling coverages. We’ll review your options for acquiring the most appropriate homeowners insurance for your needs. Contact us today!