Assured Risk Cover introduces StormPeace for small businesses

 July 23, 2018     0 Comments     FAIA Newsroom


FAIA Preferred Provider Assured Risk Cover has launched a commercial insurance policy for small businesses in Florida under the StormPeace name. The policy contains all the features of the StormPeace residential policy, plus business interruption coverage with or without physical damage.

“With our new commercial product, businesses are protected from loss of income after a hurricane even if their building isn’t damaged,” says Alok Jha, CEO of Assured Risk Cover. “Business owners told us one of their biggest concerns is loss of revenue so we added business interruption that automatically kicks in whether or not there’s physical damage.”

Just like its residential policy, StormPeace commercial insurance promptly pays the policyholder an amount calculated on two factors: 1) the strength of a named hurricane, and 2) the storm’s distance from the insured’s address. Payments are made within 24 to 72 hours and can be applied to virtually any hurricane-related expense, including:

  • Replacement of lost income, with or without property damage
  • Power restoration
  • Data recovery and records restoration
  • Transportation costs – e.g. fuel and maintenance
  • Paying employees and contractors

Business owners can also use their StormPeace payout to cover the deductible on their property policy.

Coverage up to $60,000 or the hurricane deductible, whichever is lower, is available and premiums are based on the coverage and insured’s address.

Qualified member agents will receive appointments through the Independent Market Solutions (IMS) platform to quote and bind StormPeace policies.

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