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| Business Owner Photo by Arturo Castaneyra on Unsplash |
Based in Southern California, Shawn Kraatz is an insurance executive who provides solutions that range from real estate to casualty coverage with Alliant Insurance Services. Among Shawn Kraatz’ areas of knowledge is the property insurance required for business operations.
The most fundamental policy is direct damage coverage, which encompasses any covered cause of loss, from an earthquake to a hailstorm. One aspect of this coverage to be aware of is that, depending on the policy in place, not every type of catastrophic event is automatically covered. Additional insurance may also be required to pay for the cost of debris removal and cleanup following a natural disaster, even if structural replacement and rebuilding are covered.
A related business insurance is time element coverage, which is linked to the length of time required for the damaged property to be repaired. This reflects the imperative of ongoing commercial operations to make money, which can be impossible while repairs are being undertaken. Through business income coverage, companies can hedge against this type of lost revenue. Another policy provision, extra expense coverage, focuses on the added costs associated with getting a business back up and running after a catastrophic event.
