No Insurance Bail Out!!

Will one major catastrophe harm your business? How insurance won’t bail you out?

The ongoing struggles in our economic hardships -- legalized by the man in the ivory tower then coupled by the fear of loss -- has prompted some intriguing new questions.

If time equals money, Can anyone prove, after one catastrophe loss ie. fire, hurricane, or flood how insurance is going to pay for loss of time? What's “catastrophe” and what would be that insurance pays for?

I recently brought these questions up during a meeting on a Commercial Property Policy. The answer was simple the owner said, “Business Income and Extra Expense.” “Ah yes” I replied. “So show me your catastrophe plan that pin points your exact executive procedure that won’t burn Precious time of customers, and employees.” The owner replied, “I don’t have one. Won’t insurance solve everything?”

There it is, the “won’t.” How “won’t” insurance pay for loss of time? Commercial Property Insurance will pay for rebuilding the structure, business contents, business income and extra expense. The rescue that insurance won’t pay for is the time it takes to rebuild. If you have a deductible of 24, 48, or 72 hrs before Business Income and Extra Expense kicks in, what about your customers and employees? Are you going to keep paying employees if you have no building to work in? How are you going to provide customer service in this critical time frame? What is it about your business that has made success that takes time to replicate? Sure, Insurance will reimburse you for your payroll, the expense for renting a new building, and setting up a phone system. How long will that take? The small window of opportunity for your competition to step in has just arrived.

The idea of buying insurance is not shared by everyone these days. By having a procedural plan in place with the help of a Commercial Insurance Agent to help you can save time. But if Time is Money, how much money you are willing to spend in a catastrophe to replicate your success?

Call Peacock Insurance:

850.321.2198