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When one of your business’s greatest exposures is a catastrophic event – like an earthquake or hurricane – your property policy won’t cover that exposure or will use a prohibitive deductible if they are willing to cover it.
In this case, you should look into purchasing a property policy specifically for that exposure. If you’re in California, you might want to consider a separate policy that covers your property against any losses as a result of an Earthquake. If you’re on the Gulf Coast, you might need to look for a policy that specifically covers Wind and Hail.
When considering these coverages, it’s important to make sure that your regular Property policy isn’t covering those items. If they are covering those exposures appropriately, then you likely won’t have a need for this.
Once you receive a quote for these types of coverages, it’s important to consider how the deductible works as it’s usually a percentage of the Total Insured Value and not a flat dollar amount.