Commercial Flood Insurance and Your Business
An unexpected flood can severely damage your business’s assets. Unless you have around $90,000 to repair the flood-damaged property, your business could benefit from obtaining a flood insurance policy. To help you determine if your business could benefit from flood coverage, read on.
Flood is an excluded period under most standard commercial insurance policies. As a result, you won’t receive any compensation if a flood damages your business. For this reason, many business owners choose to obtain a separate flood insurance policy to protect their property.
For most businesses, flood insurance is optional. Business owners can evaluate their flood risks and then buy insurance if they choose. If a business is located in a flood zone, however, it is usually mandatory for the business owner to purchase flood insurance coverage. Most businesses who want flood insurance are able to obtain a policy through the National Flood Insurance Program (NFIP).
There will be some businesses that have a higher risk of a flood than others. This susceptibility could be for any number of reasons, such as their location in a flood zone. However, even if your business is outside of the flood zone, it’s likely that you could still benefit from having a flood insurance policy in place.
The damage that a flood may cause can be severe enough to put your company partially or completely out of business for a while. Having flood insurance coverage means that you receive help to repair damage and replace the contents in the most time-efficient way, minimizing the period of time that you are out of business.
When you’re looking for the right business insurance, we can help. Contact the experts at Humble & Davenport Insurance today. Our dedicated team serves Renton and the surrounding areas in Washington — Contact us to get started!