business interruption Archives

Hail storms are significant contributors to property damage caused by natural disasters. Among the various structures affected, metal roofs face their own unique set of challenges. With this guide, you will be empowered with the knowledge to identify and address hail damage on metal roofs, safeguarding your investments and ensuring the long-term integrity of your properties.

Common Cosmetic Exclusions for Metal Roofs

While hail damage on metal roofs can have significant consequences, it’s essential to be aware of standard cosmetic exclusions that may impact your insurance coverage. These exclusions often relate to aesthetic issues rather than structural damage and can affect the overall claim settlement process. These exclusions limit insurance liability for minor, non-structural imperfections that do not compromise the roof’s functionality or safety. Insurers argue that covering cosmetic damage would lead to higher premiums and increased claims for minor issues. Understanding the rationale behind these exclusions helps policyholders navigate their coverage and manage their expectations during the claims process.

Minor Dents and Indentations

In many cases, minor dents and indentations caused by hail may be considered cosmetic issues rather than structural damage. Insurance policies often have limitations or exclusions regarding coverage for these types of cosmetic imperfections.

Paint Discoloration

Similarly, paint discoloration or chipping resulting from hail impacts may be deemed cosmetic and not fully covered by insurance policies. It’s essential to understand the extent of your coverage regarding paint damage and any limitations that may apply.

Granule Loss

While metal shingles are not as standard as other roofing materials, they are still susceptible to hail damage. However, insurance policies may have exclusions regarding coverage for granule loss on metal shingles, as it may not be considered structural damage to some carriers.

Understanding these standard cosmetic exclusions is crucial for property owners to assess their insurance coverage and file claims for hail damage on metal roofs. Reviewing your insurance policy carefully and consulting a licensed professional to ensure adequate coverage for structural and cosmetic damage resulting from hailstorms is important. To have your insurance policy reviewed by our experienced team, submit a policy review form: https://premier-claims.com/policy-review/

The Potential Consequences of Undetected Hail Damage

Structural Compromise

Hail-induced dents can weaken the structural integrity of metal roofs over time, potentially leading to leaks, water infiltration, and structural failures. These dents may not be immediately apparent but can worsen over time due to thermal expansion, contraction, and additional hailstorms. Addressing hail damage promptly is essential to prevent further deterioration and ensure the long-term stability of the roof structure.

Corrosion and Rust

When the protective paint coating is compromised by hail damage, exposed metal surfaces are vulnerable to corrosion and rust. Corrosion and rust can spread rapidly, causing structural damage and reducing the roof’s lifespan. Regular maintenance and timely repairs are necessary to mitigate the risk of corrosion and preserve the structural integrity of the metal roof.

Business Disruption

Undetected hail damage poses significant risks to business operations. Water infiltration resulting from roof leaks can damage interior finishes and inventory, leading to costly repairs and unplanned closures. Mold growth and compromised indoor air quality can further escalate issues, potentially forcing losses and impacting customer trust and employee productivity. Undetected hail damage could lead your business to take a big financial hit, but it can be avoided. Proactive measures such as regular inspections and prompt repairs are crucial to help minimize these risks and allow for the continuity of operations.

Mitigating the Impact of Hail Damage

Schedule Regular Inspections

Proactively schedule inspections by a licensed public adjuster to promptly identify hail damage after the date of loss. These inspections should occur at least annually, with additional assessments following severe weather events such as hailstorms. Qualified inspectors will thoroughly examine the roof for signs of hail damage, including signs of dents, paint discoloration, and granule loss. Properly documented photos of your property will be used during your claim and can come in handy in the event of future claims. To have your property inspected by our experienced licensed Public Adjusters, connect with our team: https://premier-claims.com/contact-us/

Prompt Repairs

Upon detecting hail damage during an inspection, it’s important for property owners to prioritize prompt repairs to help mitigate further damage and business disruptions. Utilizing durable materials resistant to future hail damage may enhance the roof’s durability against future storms. Failure to acknowledge preexisting damage before a new date of loss occurs may complicate your claims process.

By implementing these strategies, commercial property owners can effectively navigate hail damage on metal roofs, protecting their investment and prolonging the lifespan of their metal roof. Stay informed, stay proactive, and protect your property against the unpredictable repercussions of hail storms.

As hail season approaches, we recommend that business owners ensure their insurance policy includes hail damage coverage. Picture a shield, not just against hailstones, but against the unseen risks that follow. Hailstorms pose a significant threat to commercial properties, potentially causing extensive damage to roofs, windows, exterior structures, and equipment. To navigate the challenges of hail season successfully, having the right protection in place is key.

Prepare Your Insurance Policy for Hail Season

Commercial Property Insurance

This foundational coverage protects your business, including buildings and contents, against various perils, like hail damage. Confirm that your policy explicitly includes hail damage coverage for related incidents.

Business Interruption Coverage

Hail Damage can lead to business disruptions. Business Interruption Coverage helps cover lost income, ongoing expenses, and relocation costs during the period of restoration. Ensure your policy adequately addresses the potential financial impact of hail-related disruptions. To learn more about Business Interruption Coverage read our blog: The Difference Between Business Interruption and Additional Living Expenses

Exterior Structure and Signage Coverage

Hailstorms can harm the exterior structure of your commercial property, including any signage. Therefore, it’s recommended that your insurance policy includes hail damage coverage that extends to these components to prevent unexpected repair or replacement costs.

Specialized Coverage for Equipment and Inventory

Moreover, commercial properties often house valuable equipment and inventory critical to daily operations. From high tech machinery to essential tools, your business assets are the gears that keep the engine running smoothly. Here’s a closer look at how you can protect your business and commercial property against hail damage:

Equipment Breakdown Protection

In the event of a hailstorm, equipment is vulnerable to damage. As a result of including Equipment Breakdown Protection in your policy, your policy is able to cover repairs or replacement costs for machinery affected by hail damage. Equipment Breakdown Protection extends beyond general wear and tear, providing a safety net for your technological investments.

Technology and Electronics Coverage

Modern businesses rely heavily on technology and electronic systems and specialized coverage for these assets is important for business owners to consider when reviewing their insurance policies. From servers to computers, make certain your policy includes protection for these vital components, minimizing downtime and potential loss.

Inventory Loss Coverage

Commercial properties also house inventories of products, raw materials, or goods in progress. Hail damage can lead to inventory loss, impacting your supply chain and revenue streams. Comprehensive coverage can encompass the replacement of repair costs for damaged inventory, allowing your business to recover and meet customer demands.

Customization for Industry-Specific Equipment

Recognizing the diversity of commercial enterprises, your insurance coverage can be customized to protect industry-specific equipment. Whether you’re in manufacturing, healthcare, or any other sector, you can tailor your policy to address the unique needs of your business.

Importance of Regular Policy Review

Coverage Adequacy for Business Growth

Commercial enterprises evolve, and property values change. Regular policy reviews allow for your coverage to be aligned with the current value of your commercial property and your business assets. It also allows you to account for expansions or modifications. Adjusting your policy as needed prior to the start of hail season, can protect you in the event damage occurs.

Policy Limitations and Exclusions

Commercial property insurance policies may have limitations or exclusions related to hail damage. A thorough review helps identify any potential gaps in coverage, allowing for proactive adjustments.

Risk Mitigation Strategies

Collaborate with Premier Claims to assess risk mitigation strategies specific to your business. Tailoring your policy to address unique circumstances can enhance your overall risk management plan.

As a commercial property owner, your business assets are the heartbeat of your enterprise. Don’t let hail season catch you off guard—proactively review your policy. This allows you to make any hail damage coverage additions, protecting your property and business in the best way you can. Premier Claims stands ready to assist you, offering guidance, compassion, and a commitment to policyholders. Connect with us today to prepare your business for the challenges hail season may bring. To have your policy thoroughly reviewed by our team of licensed professionals, submit your policy here: https://premier-claims.com/policy-review/

Navigating the complexities of commercial property coverage can be prone to misunderstandings. It’s crucial to grasp every aspect of your coverage to best prepare your property and business for anything that comes your way. Two terms that often cause confusion are Business Interruption (BI) and Additional Living Expenses (ALE). Let’s dive deeper into these policy elements, providing clarity for commercial property owners.

Business Interruption (BI): Safeguarding Revenue Streams

What is Business Interruption Coverage?

Business Interruption (BI) coverage steps in when unforeseen circumstances disrupt your business operations. Whether due to natural disasters, fire, or other covered perils, BI provides coverage so that your revenue streams receive protection during the downtime.

Key Features of Business Interruption

Revenue Loss Compensation

BI commercial property coverage covers the actual loss of income your business sustains during the interruption.

Operating Expenses

It extends to cover ongoing expenses like rent, utilities, and payroll, easing the financial strain.

Temporary Location Costs

If relocation is necessary, BI can cover the additional costs associated with setting up operations in a temporary space.

Understanding the Waiting Period

BI policies often have a waiting period before coverage kicks in. It’s important to discuss and determine the optimal waiting period tailored to your business needs.

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Additional Living Expenses (ALE): Sustaining Daily Life

What is Additional Living Expenses Coverage?

Additional Living Expenses in commercial property coverage is a vital facet that allows for the continuity of daily operations during unexpected disruptions. ALE steps in when your commercial property is rendered temporarily unusable for covered perils, providing support to maintain operational standards.

Key Features of Additional Living Expenses

Temporary Operational Space

ALE covers the costs associated with relocating your business operations to a temporary workspace, such as a rented office or facility, allowing for minimal disruption.

Equipment and Inventory Storage

In cases where your commercial property requires extensive restoration, ALE can cover the expenses related to storing equipment and inventory safely.

Technology and Connectivity

ALE extends to cover costs of setting up temporary communication systems allowing your business to remain connected and operational.

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Synchronizing Business Interruption and Additional Living Expenses Coverage

ALE and BI can work in tandem within commercial property insurance coverage, offering a comprehensive safety net. While BI is intended to safeguard your revenue, ALE is intended to provide coverage so that your daily operations continue seamlessly during the restoration period.

Claim Considerations

It’s imperative to maintain a detailed record of expenses incurred during the temporary relocation. Working closely with a skilled public adjuster, like those at Premier Claims, can help navigate the intricacies of your policy, aiming for you to receive everything that is owed to you and minimize operational disruptions.

Conduct a Thorough Risk Assessment

Identify potential risks specific to your commercial property; moreover, this will allow you to tailor your insurance coverage to address the unique challenges your business may encounter.

Collaborate with a Reputable Public Adjuster

Engage with a knowledgeable public adjuster, such as Premier Claims, that will aim to handle your commercial property insurance claim with expertise and precision.

Regularly Review and Update Your Policy

Stay ahead of changes in your industry and business structure so that your commercial property insurance policy evolves with your needs, providing comprehensive Business Interruption and Additional Living Expenses coverage.

Understanding the role of Additional Living Expenses and Business Interruption coverage empowers commercial property owners to make informed decisions, allowing minimal financial strain and operational downtime during challenging times. Remember, knowledge is your greatest ally in the world of insurance claims for commercial properties.

COVID-19 has brought a lot of uncertainty to Small Businesses across the United States. Many business owners are feeling the financial pressures brought on by mandatory closures, or decreased traffic as a result of shutdowns. Things are changing daily as well, so it can make even the most veteran businessperson’s head spin.

What every Small Business Owner needs to know as they navigate COVID-19:

Make sure your employees know about the resources available to them:

- Federal tax filing and payment deadline postponed until July 15, 2020. Many states have extended their filing deadlines as well.
- Student Loans do not accrue interest, and the lender may put some loans in Forbearance if the borrower cannot pay due to COVID-19.
- The IRS will directly deposit Federal Stimulus checks (amounting to $1200 per individual, $2400 if married, plus an additional $500 per child, with applicable limitations) for those who have provided their banking information.

If you must lay off employees, recognizing the increased Federal Unemployment Benefits could provide you with peace of mind.

- Unemployed workers will receive an extra $600 per week, added to their regular benefits. Authorities have approved this augmentation until July 31, 2020.
- For some employees, the increased Unemployment Benefit Payments may be higher than their regular pay.

The CARES Act – Payroll Protection Program (PPP)

- Loans are available for eligible Small Businesses, without having to provide a personal guarantee or collateral
- Loans are for the amount of 2.5 X your average monthly payroll costs for the last 12 months. This includes:
  - Salary, Wage, & Commission
  - Payment of cash tips
  - Vacation, Sick, Parental, or any other Medical Leave
  - Allowance for dismissal or separation
  - Payment for group health insurance
  - Payments for retirement benefits
  - State & Local taxes assessed on the compensation of the employee
- If you maintain your employees throughout the crisis, these loans will be forgiven up to the amount of 8 weeks of expenses in the following categories:
  - Total payroll costs as determined above
  - Interest on mortgages held by the business
  - Rent on a leasing agreement
  - Payments on all utilities
- Applications are to be submitted to your bank

Emergency Injury Disaster Loan (EIDL)

- Loans up to $2M are available to small business that have been impacted by COVID-19
- These loans have an APR of 3.75% with terms up to 30 years
- These working capital loans can be used to pay fixed debts, payroll, accounts payable, and other bills that the disaster would not have affected.
- These loans do not intend to replace lost sales, lost profits, or provide assistance for expansion.
- Applicants make applications via the SBA Disaster Assistance Program at disasterloan.sba.gov.

Economic Injury Disaster Loan Emergency Advance

- This loan advance will provide up to $10,000 of economic relief to business that are currently experiencing temporary difficulties
- This loan advance will not have to be repaid
- The application is brief and can completed online at covid19relief.sba.gov

Delay the Payment of Employer Payroll Taxes

- Employers can defer payments of their share of the social security tax over the following two years.
- First half due 12/31/2021 and second half due 12/31/2022.
- You are not eligible to defer this payment if you are participating in the Payroll Protection Program.

Business Interruption Coverage provided by your insurance carrier

- Many business and commercial property policies include coverage for “Business Interruption:
- You could have an entitlement to an insurance payment for loss of revenue when closure stems from property damage and/or government mandate.
- Authorities frequently review the insurance industry to figure out how to cater to the needs of business owners.
- Premier Claims offers complimentary policy reviews to see if you have coverage.

Click Here to upload your policy and request your complimentary review by our legal team.

Navigating Hail Damage: Metal Roofs