Posted on May 19, 2014

Utah Businesses Need Earthquake Coverage

Utah business earthquake insurance

While most people associate earthquakes with California, the fact is that an average 5,000 earthquakes hit areas all over the United States each year. The more active places for earthquakes in the country are California, Hawaii, Alaska, Oregon and Washington, but even inland regions such as Utah, Nevada, Idaho and Wyoming experience higher than average seismic activity. The Utah Geological Survey recently released earthquake hazard maps of western Salt Lake County where significant risks exists for seismic related damage, landslides, falling rocks, flooding and even radon gas.

As the move to develop western areas of the Salt Lake basin progresses, more residents and businesses need to be aware of potential risks associated with the region. Utah business owners should be prepared for earthquakes and other disasters by purchasing commercial property insurance to protect business assets. Some commercial insurance companies will not cover earthquakes so earthquake coverage must be purchased as a separate policy. Other carriers will add earthquakes as an endorsement to existing policies. No matter how it is written though when earthquake coverage is combined with a comprehensive property policy, business owners will have the peace of mind to know that their buildings and personal business property are fully protected from whatever Mother Nature or man-made disasters bring.

Cost of earthquake insurance policies vary and are usually based on location, the type and age of structure. Earthquake policies carry a separate deductible so that property owners pay a portion of any damage anywhere from 2 to 20 percent with the balance paid by the policy. Utah deductibles are typically in the 10 percent range, and premiums can often be lowered by requesting a higher deductible.

Business owners that rent their office space may also carry commercial property and earthquake insurance for their business personal property since landlord property policies do not extend coverage to tenants.

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