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The Valuable Layers of Commercial Flood Insurance

7/30/2014

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Commercial flood insurance
Flood insurance is worth keeping even in lean times.
If your business is struggling in this economic climate, then you might be tempted to look for ways to cut costs. As a result, you might be tempted to eliminate your flood insurance coverage. That would be a bad idea.

It's an understandable sentiment. Your business is struggling with profitability. You're seeing black turn to red in your ledger. You're noticing few customers while your costs are going up.

You might think that it's time to let go of flood insurance to help boost your bottom line.

But that's not the direction you should take.

The Importance of Flood Insurance

Commercial flood insurance covers your business in the event of water damage caused by a flood. That's not insignificant, as floods can easily cause tens or hundreds of thousands of dollars worth of damage, depending on where your business in located and the extent of the flood. 

You might think that you're free from a flood risk because your business is located on so-called "high ground." In fact, floods can occur well above flood plains. 

In other words, your business is likely at risk for a flood. That's why it's important that you maintain flood insurance, even during the lean times. The last thing your business needs is an enormous dollar value in damages caused by water damage.
Commercial flood insurance
Commercial flood insurance will cover your equipment as well as your building.

What Flood Insurance Covers

What does flood insurance cover? For starters, it covers damage to real estate property. This includes damage to your building and structures that are specifically listed in your property. You can also expect coverage for walls, flooring, plumbing, wiring, and the foundation. 

However, that's not where the coverage for commercial flood insurance stops. Other assets, such as furniture, fixtures, and equipment, are also covered. That's important because that means that your flood insurance will provide you with the assets you need to get your business back up and operating quickly.

Beyond that, flood insurance provides you with additional coverage. Many of the costs associated with preparing your business for a flood are covered. These include sand bags, trench work, and the construction of temporary flood control measures. 

Additionally, you can expect your commercial flood insurance policy to cover the costs of cleaning up your business site after a flood. That's just another way that flood insurance helps you get up and running quickly in the aftermath of a flood.

Remember, your standard commercial insurance policy probably does not cover your business in the event of water damage caused by a flood. This means that you'll need flood insurance or risk paying for the expenses associated with a flood out of your own pocket. 

Simply put, the risk isn't worth it. Be sure that your business has coverage for flooding.
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    Author

    Pablo M Conde
    Licensed Florida Agent
    Since 1976

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