Most people don’t even want to think about what they would do if a flood threatened their home. It’s difficult to even imagine what it would be like to have water gushing in under the door, or bubbling up from a broken plumbing line in the basement. Unfortunately, this is a reality for far too many people each year.
“In the United States, where flood mitigation and prediction is advanced, floods do about $6 billion worth of damage and kill about 140 people every year,” reports National Geographic.
Statistics like these are why so many homeowners choose to carry flood insurance coverage, but insuring your home is only one part of the flood protection puzzle. Your business is your life’s work, not to mention your primary means of earning a living. If you think putting your life back together after a residential flood will be difficult, just imagine what will happen if the same flood takes out your business.
Far too few entrepreneurs as the question, “Does my business need commercial flood insurance coverage?” If you’re reading this blog, you’re on the right track.
Yes, your business needs flood insurance coverage IF…
You Only Have Commercial Property Insurance
Just as homeowner’s insurance doesn’t cover damage caused by flooding, commercial property insurance is less than helpful when it comes to dealing with damage caused to your business by flooding. “Damage from flooding, including flooding generated by hurricane-generated storm surge, typically is not covered under a standard commercial policy, including a Commercial Package Policy (CPP) or a Business Owners Policy (BOP),” explains the Insurance Information Institute.
Your Business Makes Less Than $100k Per Year
All business owners have to weigh the cost of carrying commercial flood insurance coverage versus during the years when nothing happens versus what would happen if a flood occurred while you’re unprotected. According to the NFIP, the average commercial flood claim is for $89,000. Can your business absorb a loss that large without help? If not, you need to find flood insurance coverage ASAP.
You’re Located In A Region Known For Flooding
This seems like a no-brainer until you realize that not everyone knows where the flood plains are in their regions. Literally anywhere that it rains or that bodies of water exist year round carries at least some risk of flooding. In addition to weather patterns and geography, you have to think about how your particular business is situated. If your company and its equipment or inventory inhabit the bottom floor of a building, you’re more at risk for flooding that the upper floors.
Want to explore your options for commercial flood insurance coverage? Superior Flood Inc. has affordable options backed by Lloyds of London. We can walk you through the differences between our policies and those offered by the National Flood Insurance Program, which recently hiked up its rates without increasing coverage.
Don’t leave your business and professional equipment at risk. We’re here to make sure you’re covered no matter what. Contact us for a quote today.