How Insurance Can Help Businesses Rebuild

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Originally published in Law 360 - June 13, 2011.

As flood waters have threatened Missouri communities along the Mississippi river, and as the town of Joplin reels from the recent devastating tornado, the residents of these communities are quite appropriately absorbed with efforts to save lives and to regain some semblance of normal daily life. But, eventually, the flood waters will recede, the debris will be cleared, and business owners will turn their attention to repairing and rebuilding their businesses and recouping losses sustained.

Depending on the circumstances and the insurance purchased, insurance contracts may help businesses recover losses resulting from damaged buildings, vehicles, equipment and other property.[1] Some commercial insurance policies, for example, in addition to covering events like tornadoes and hurricanes, also expressly provide coverage for damage caused by floods.[2]

Moreover, beyond coverage for physical damage to property, businesses also may be able to recoup lost profits caused by an interruption of their business due to: property damage, an inability of people or materials to reach a business, or damage to key suppliers or customers.

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