Flood Insurance And Your Commercial Property Insurance
If you operate a business, you know your building or property is the center of your operations. Commercial Flood Insurance protects one of your biggest investments–your business from damage caused by rising water. Floods often strike without warning‐destroying buildings, equipment, and inventory. Your business is your dream and your legacy, and you protect it with commercial property insurance so you can continue operations in the event of a fire or some other claim.
Have You Considered Flood Insurance?
According to the Federal Government, at least 25 percent of businesses that close after disasters, like a flood, never reopen. From 2010 to 2019, the average commercial flood claim was more than $82,000. Over 80% of all disasters involve flooding.
What Does Flood Insurance Cover?
Standard Commercial Flood Insurance
Your standard flood insurance policy can be provided by the National Flood Insurance Program (NFIP), and your property must be insured for the maximum amount.
Excess Commercial Flood Insurance
Excess commercial flood insurance provides protection against damage caused by flooding. This coverage is over and above your standard flood Insurance policy (NFIP), extending your limits beyond the $1,000,000 available.
Having a formal disaster plan for your business is also very important. Having a plan can help your business weather the storm and resume operations. There are a number of resources for businesses to consider:
This information is intended for the client, individual or entity to which it is addressed. These articles contain concepts and opinions, and are not intended to represent the consensus of the insurance or risk community, nor to provide professional legal or tax advice. Please seek professional legal or tax counsel before making any decisions. The information provided does not change or modify any insurance policy, only the actual terms of the in-force policies will govern claim settlements.