As all Californians know, the damage caused by Earthquakes can be substantial. With the likelihood of them occurring being much greater in California than other parts of the county, it is important to evaluate the risk to your business and to determine whether investing in Earthquake insurance to protect your business assets is right for you.
Due to the nature of the risk, most Commercial Property coverage does not include damage/loss after an earthquake. Therefore, a separate policy or rider is usually required.
There may be special requirements that must be met before your business can qualify for earthquake insurance. For example, the structure may need to be bolted to its foundation. An inspection prior to receiving coverage will determine the upgrades that may be required.
Earthquake coverage typically covers the structure itself as well as property and inventory located with in the building. Depending on the policy, lost business income may also be covered.
There will also be a deductible that must be met before coverage begins. This amount will vary, dependent on the value of the building, age, location, etc.
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