Importance of Having a Commercial Flood Insurance Policy

12/24/2019 (Permalink)

Make sure you add flood coverage to your commercial insurance

As a responsible business owner, you know how important it is to protect your business's interests. This is why you purchase insurance. This coverage can give you the financial support you need when misfortune hits and you're stuck with expensive repairs. However, if there is water damage in your building, your commercial insurance may not take effect. In some cases, you need flood coverage.

What Commercial Coverage Takes Care Of

Your commercial plan covers damage to your Overland Park, KS, building and the physical assets of your company. This could occur due to vandalism, weather and malfunctioning parts, systems or equipment. This commercial insurance will protect the building's structure as well as computers, furniture and inventory. The policy will cover damage or loss from the following:

• Storms
  
• Theft
  
• Pipe bursts
  
• Faulty business equipment
  
  

What the Insurance Won't Cover

If there is damage to your business property or assets due to an earthquake, the commercial plan will deny your claim. Also, Most flooding won't be part of this coverage, unless the water issues are due to plumbing problems or broken appliances. Floods from weather or sewer backups require a supplemental flood policy. You also won't get help from the insurance company if the damage occurred because you failed to properly maintain or repair components or systems. Purposefully damaging your building or items inside will void your policy

Why You Need Flood Insurance

If your office is located in an area where flooding is common, you should get flood insurance. FEMA has a plan called NFIP that covers floods from sewage problems or overflowing waterways. If you don't purchase a specific flood plan, you will get stuck paying for repairs and for professionals flood remediation teams to make it safe to return to work in your building.
Make sure you add flood coverage to your commercial insurance. This plan will give you the peace of mind you need to run your company.