Michael Barry Chief Communications Officer | Insurance Information Institute
Fires resulting from lightning strikes cause a significant portion of commercial property insurance claims in the United States. Tim Harger, executive director of the Lightning Protection Institute (LPI), emphasized the importance of protecting businesses from the destructive consequences of lightning strikes, stating, "The potential consequences, such as business interruption, loss of revenue, and damage to reputation, can be devastating." He highlighted the significance of investing in a lightning protection system to prevent business interruption and safeguard livelihoods.
National Small Business Week serves as a timely reminder to focus on the importance of properly designed lightning protection systems. Sean Kevelighan, CEO of the Insurance Information Institute (Triple-I), stressed the role of insurance in helping businesses recover economically from lightning strikes, stating, "That’s why we recommend policyholders take advantage of tools that help predict and prevent losses from occurring."
To mitigate the risk of damage caused by lightning strikes, Triple-I and LPI offer five key steps for businesses to protect their commercial properties:
1. Install a certified lightning protection system tailored to the unique risk factors of the building.
2. Secure surge protection to safeguard electrical and electronic equipment.
3. Purchase property insurance to cover repair or replacement of business property.
4. Consider business income (interruption) coverage to replace lost net income during periods of restoration.
5. Smart entrepreneurs recognize that business insurance is an essential element of an overall business plan, as Kevelighan concluded, "Business owners, by their very nature, are risk takers... But smart entrepreneurs recognize that business insurance is an essential element of an overall business plan."
By implementing these proactive measures and investing in the right protection systems, businesses can enhance their resilience against the potential financial and operational impacts of lightning strikes.