Why Your Business Needs Flood Insurance

6/15/2018 (Permalink)

Even the most prepared business owners may be hit by a flood.

Floods are one of the most commonly declared natural disasters, but many Raleigh, NC, business owners are not prepared for the damage a flood can do to their establishment. Even just a few inches of water can damage walls, inventory and equipment. Most natural disasters are covered under commercial insurance policies, but flooding typically is not. Nobody wants to find themselves in water up to their knees and then come to find out they don’t have flood insurance.

What Is Considered a Flood

When water affects at least two properties or 2 acres of land, it is usually considered a flood. Flooding is water that inundates an area, whether it be from snow melt, heavy rain, dam breakage, overflowing rivers or other water-related issues.

How To Know If You Need Insurance

If your business is on a lower level, you are definitely at a higher risk for flooding. Knowing if you reside in or near a flood zone will also help you assess your risk of flooding.

What Is Not Covered

There are some losses a business can experience that insurance for floods will not cover:

? Income loss due to business not being fully operable
? Company vehicles
? Septic systems
? Landscaping

How Soon Coverage Starts

There is usually a 30-day waiting period from the time you purchase coverage until the coverage goes into effect.

How Much Coverage Is Available

Commercial flood insurance can protect your business whether it be large or small. Most commercial policies provide up to $500,000 for inside contents and $500,000 for the building. Here are the most common items covered:

? Merchandise
? Machinery
? Inventory
? Building

Your insurance company will work with flood remediation professionals to clean items, repair water damage and assess which belongings are a total loss.

What If More Coverage Is Needed

If your property is valued above the national limits, you can get additional coverage by purchasing an excess flood policy.

Even the most prepared business owners may be hit by a flood. Knowing that your business is covered with flood insurance can provide piece of mind should such a disaster happen. For more information, visit http://www.SERVPROeastraleighzebulon.com/.