Like it or not, the global climate is changing, and the resulting severe weather events have had a catastrophic impact all around the world. Beyond flooding, tornadoes, and wildfires, though, climate change has the potential to impact lives in many other unforeseen ways.
When you want the security of knowing your personal interests will be protected no matter what comes, we can help craft a comprehensive, customized climate change insurance program that will cater to your unique needs.
Climate change insurance takes into account the many ways in which global climate changes can impact a business. In addition to more frequent and intense storms, unpredictable precipitation patterns could lead to drought conditions, while floods may damage property. Droughts can also result in wildfires, and heatwaves can cause structural damage from expanding metal beams.
Any of these instances could lead to the need for business interruption insurance, but it’s not just severe weather events that can harm profits – slowdowns in global trade could also have a tremendous effect.
Underwriting a climate change risk program means a complete underwriting of your property and liability exposures, along with the appropriate coverages and limits. We will assess the potential for loss by conducting a comprehensive survey of your assets, evaluating your business continuity plan, and analyzing historical data regarding severe weather events in your area.
Climate change has left extreme weather events in its wake. These severe weather events can take many forms and be caused by a variety of factors.
Extreme heat, unusually cold temperatures, drought conditions, and heavy rains can all cause property damage, stock fluctuations, and a decline in sales. In the event of a severe weather event, your business may have to halt operations for days or weeks – with no income coming in – which could lead to bankruptcy if your insurance coverage isn’t adequate.
Extreme temperatures aren’t the only potential problem – more frequent and intense storms can also create significant damage. Windstorms, tornadoes, and floods are all more common now than they were decades ago.
Rising sea levels (resulting from the melting of glaciers and polar ice caps) can lead to coastal flooding or erosion, which could cause beachfront properties to become more vulnerable to storm-related damages.
Any of these events can cause damage to homes, businesses, and infrastructure. Climate change has also been linked to an increase in public health risks, including the spread of mosquito-borne diseases like Zika and West Nile Virus.
You may think that you’re safe from these devastating events if they don’t occur where you live. However, even if your home is located far away from a flood zone, your business may be impacted. If your company exports goods or has an international client base, climate change could impact demand for your products or services – and it could result in significant financial losses.
Due to the interconnectedness of global markets, supply disruptions from one country can have a major impact on many other regions. Political unrest, terrorism, or outbreaks of infectious diseases can also have a significant effect on your company’s bottom line.
Climate change is often referred to as a ‘slowly developing disaster’ – it can take years for extreme weather events to reach their full potential. To limit the impact these events have on your business, you should be prepared for any number of possibilities, including the following:
Yes. At Vanasek Insurance, we work with risk management teams to include the cost your company would incur as a result of an extreme weather event into our premium calculations. Stemming from our experience in this field, we can offer you comprehensive insurance coverage at competitive prices. Our plans are flexible so you can choose the level of risk your business is exposed to.
You can give us a call or schedule a free, no-obligation consultation for your business. Book an appointment with a climate change insurance expert at your earliest convenience now.
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If you’re looking to purchase coverage for any other type of asset (such as vehicle, health, or property insurance), we can help in that category too! We work with all kinds of clients and are happy to take you on as a valued customer.
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