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Earthquake Insurance for Businesses

Earthquake Insurance for Businesses

As a business you invest significant capital in your building and/or business personal property. These items can be insured under your Property Insurance or Business Package policy for theft, fire and many other perils. Unfortunately, earthquake coverage is NOT included in the standard commercial lines coverage.  If you own property in the United States – especially California – you need earthquake insurance. Here are three reasons why you should use Hayes Brokers to shop for the right policy for your business:   1. You Can’t Buy It Just Anywhere The CEA (California Earthquake Authority) doesn’t offer coverage to businesses. In fact, most major carriers that dropped out of the homeowners market don’t offer earthquake insurance to businesses. Hayes Brokers has a large selection of insurance carriers who offer earthquake insurance and difference in conditions (DIC) policies to businesses. More carriers means more options for deductibles and coverage.  If your broker doesn’t offer a quote for earthquake coverage, ask for it.   2. It’s Not Part of Your Property Policy When earthquake claims started increasing, most carriers stopped offering the coverage altogether. A standard property policy, even if it is marketed as “special” or “all risks” coverage excludes coverage for things like earth movement and subsidence.  In fact the ISO Causes of Loss – Special Form lists the following exclusion: That property policy you purchased won’t be worth anything to you if the cause of your damages is earthquake. That damage will be excluded and will have to come out of your own pocket.   3. You Don’t Have To Be On A Fault Line The hotspot for earthquakes used...