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Examining the Details of Business Flood Insurance
In the same way that your home and possessions are at risk of damage during a flood, your business, the building and all of its contents therein are also at risk when a water disaster strikes. The monetary losses in a business situation can be significantly more disastrous when you consider replacement value combined with down time, which often equals lost revenue. Those factors make business flood insurance a vital element to any commercial insurance plan.
a Close Look at your Current Coverage
“Exclusions: water damage,
including those caused by or resulting from
If this clause appears in your commercial insurance policy, your business would be responsible to recover any losses incurred by water. This type of financial setback can undoubtedly affect the company’s profits and has the potential to bring a business to its knees, given the cost of clean up, replacement and additional protection if necessary.
Adding Business Flood Insurance Coverage
Finding an insurance company to cover your commerce and its contents in the event of a flood may not be an easy task. For instance, some insurers will not add flood coverage to a policy in areas where coastal storms are frequent, although such areas surely need coverage the most.
If you rent facilities for your business operations, do not assume that the landlord has business flood insurance for the building. Find out the terms of the landlord’s policy and then talk to your agent about whether you need additional coverage for contents, inventory and equipment.
The United States government introduced FEMA to help homeowners and business owners obtain coverage for flood damages despite the perceived level of risk and at a more reliable rate. Contacting them would be a good first step towards protecting your business.
Finding the Best Business
Flood Insurance Coverage
The purchase of additional business flood insurance is worth the investment - procrastination is not a good plan. Insurance policies, including additions, typically have a waiting period before becoming active, so your business will continue to be vulnerable during that time.
The cost of flood insurance is a business expense that spans over many years with continued coverage, It is an important and worthwhile investment that will give you peace of mind when a storm is brewing and allows you to get back to what you do best – running a successful business.