Earthquake Insurance Essential for California Businesses, LA Partner Says

Los Angeles-based Insurance Recovery & Advisory partner Robert Wallan recently spoke to Leader’s Edge magazine about the potentially catastrophic impact of “The Big One,” a hypothetical mega-earthquake that geologists have theorized could occur in California at any time. The state has more than 2,000 fault lines, and even a company that escapes without overwhelming damage can face obstacles to resuming business, so Wallan says it is critical for businesses to ensure they have proper insurance coverage.

“Businesses that may have survived with little or moderate damage may be hindered from reopening if a building in close proximity to them has been more seriously damaged, or ‘red-tagged,’” he said. Furthermore, “You’ve got to assume you’re going to be shut down for some period of time. If freeway ramps are closed for three months, six months, a year, what’s that going to do for your business?”

Read the full Leader’s Edge article here.