Hailstorms can be swift and destructive, damaging buildings, outdoor equipment and vehicles in a matter of minutes. For commercial property owners, such damage can result in destroyed property, costly repairs, business disruptions and lost revenue. This article discusses the risks hail poses to commercial properties and preventive measures to protect buildings from hail damage.
Data analytics firm Verisk’s 2021 Hail Hazard and Its Impact on Property Insurance report found that 6.2 million properties in the United States experienced one or more damaging hail events in 2020, resulting in almost $14.2 billion in losses. Businesses located in areas that experience hailstorms may be susceptible to severe damage to equipment and components, including:
Repairing a building damaged by hail can cost a lot of time and money. Severe building damage can even result in business disruptions—such as shutdowns or limited operations—that lead to a loss of revenue or harm a business’s reputation among stakeholders and customers.
To limit the potential damage of hailstorms, commercial property owners should be proactive in protecting their buildings. They can take the following measures to protect their properties:
By taking the time to implement preventive measures, commercial property owners can reduce the impact of hailstorms on their buildings. For more information, contact us today.
|This Commercial Property Insights is intended as general information. The information contained in this article is not exhaustive nor should it be construed as legal advice. Readers should contact legal counsel or a licensed insurance professional for tailored guidance. © 2022 Zywave, Inc. All rights reserved.|