Florida is approaching the peak of hurricane season (historically this is late September). For business owners, this is a critical time to ensure that your commercial property, assets, and employees are prepared for severe weather events. Taking proactive steps now can make all the difference in minimizing damage and disruption.
Many business owners assume their standard property insurance will cover all storm-related damage, but that is not generally the case. Business interruption coverage, for example, may help replace lost income if a hurricane forces a temporary closure. Flood insurance is a separate from standard policies, yet it is crucial for low-lying commercial properties. Now is the perfect time to review your policies, check limits, and ensure all potential gaps are addressed.
Unlike typical property deductibles, many Florida commercial policies include a separate hurricane deductible. This is often a percentage of the building's insured value, commonly ranging from 2% to 5%. For example, a 3% deductible on a $1,000,000 building would require the business to cover $30,000 before insurance pays. These deductibles usually apply only to storms officially designated as hurricanes, but you should check your policy for exact language. Knowing your deductible ahead of time can prevent surprises and help with post-storm planning.
Employee safety should be at the top of your risk management plan. At a minimum, ensure your business meets OSHA requirements for hurricanes and severe storms. This includes having a clear Emergency Action Plan (EAP) that addresses evacuation routes, safe shelter locations, and communication protocols. Keep safety front and center by training staff on storm-related hazards and ensuring they can access critical business systems remotely if needed.
Physical preparation can reduce the severity of damage. Secure outdoor equipment, reinforce windows and doors, and maintain an updated inventory of all business assets. Documenting your property with photos or videos can also streamline the claims process if damage occurs.
Taking these steps now positions your business to withstand the hurricane season with confidence. Our team is ready to help you review your coverage and implement a tailored insurance program for your business needs. Don't wait for the next storm to make preparedness a priority.