5 Questions and Answers About Commercial Flood Insurance

5/8/2019 (Permalink)

Flood insurance protection is something your business needs

Flood Insurance Protection is Something Your Business Needs

As a business owner, you understand the need to identify as many potential risks as possible and prepare solutions for them. While you may hope flooding won't happen, it's best to plan for the possibility. With this understanding, you may want to consider whether flood insurance protection is something your business needs.

1. Doesn't my insurance already cover flood damage?

No, damage that results from flooding isn't included in typical commercial insurance policies. You need to add separate coverage to get this protection. Talk to your insurance representative or contact the federal government about this type of business protection.

2. How can I tell if I need insurance?

Your location in Raytown, MO, is the most important factor in establishing your risk and determining whether to purchase flood insurance. There are several tools online with flood map search tools. You can also get valuable advice from storm damage remediation professionals in your area.

3. What does the insurance cover?

This type of insurance policy generally covers flood-related damage to your building and its contents. You may receive this protection if your property is affected by overflowing waterways, heavy rainfall, broken dams, blocked drainage systems, and similar causes of high water.

4. How long does it take to establish coverage?

Many insurance providers require a 30-day waiting period after you've made a purchase before the policy goes into effect. As a result, it's important to prepare for flooding before it happens. If your business is at risk, talk to an insurance provider as soon as possible to determine the best coverage.

5. Is there anything the insurance doesn't cover?

There are several things that may not be covered, including property outside of the building, such as landscaping, septic systems, and business vehicles. Talk to your insurance representative to learn how you can keep these items protected.

Flood insurance isn't a necessity for every business, but the time to determine your level of risk is before heavy rainfall. Do your research in advance, so you can be sure you have the proper coverage when the time comes.