Posted on May 19, 2014
Hot, dry, drought conditions each year in Nevada often lead to wildfires and the associated damage and destruction left in their path. With the risk of wild fires extremely high in the State of Nevada, companies must ensure that they have business insurance coverage in the event a wildfire reaches their premises.
Wildfire damage is not actually limited to just fire engulfing a building. Property damage can occur from fire, wind and smoke damage so even if a fire doesn't quite reach a company's location, if it is close enough, damage from smoke is also a possibility.
Nevada businesses will want to take time each year to review commercial property insurance policies to make sure there is adequate enough coverage to fully protect their property. Companies must consider their total assets not just the structure. Figure the cost of replacing inventory, furniture, equipment, valuable records and computers. There should be enough insurance to repair or replace everything in the case of complete fire destruction.
Also check to make sure that fire is specifically listed in the policy documents. Some commercial property insurance policies will only cover named perils in the policy while others will exclude them. If fire is not an included coverage, then business owners can usually add wildfire as an endorsement to an existing property policy.
Should a wildfire strike leaving extensive damage, many companies would be forced to close for repairs. Business interruption insurance will pay for ongoing expenses that don't stop just because the company must temporarily close. This vital coverage can truly mean the difference between staying in business or closing permanently due to lack of income.