It's the rare business that can sustain flood waters without any financial damage or business interruption. Whether your business has merchandise on the sales floor or just a single computer in a quiet room, flood waters, which can range in depth from a few inches to a few feet, can ruin your equipment, business property, result in permanently lost data, and make it impossible to continue servicing your clients and fulfilling contractual obligations.
If your business is in a flood zone as designated by FEMA then you need a commercial flood insurance policy as soon as possible. If you are renting the location that you work out of, your landlord's coverage will cover only damage to the building and will not extend to property damage within your business unless the flooding is due to the landlord?s negligence.
If you operate your business out of your home, even if you have a home insurance policy with a rider that specifically protects your business property, it will not cover flood damage because home insurance policies never do ? even for personal property. Instead, you must have a designated flood insurance policy for both personal and business assets.
It's important to note that if you have?commercial property insurance it will likely exclude damage caused by flood so don't assume that you are covered. The business office or retail location isn?t the only property exposed to flood risk; a business owner should also consider comprehensive commercial auto insurance coverage to protect the company-owned vehicle from flood damage. Lastly, it?s a good idea to include business continuation insurance that allows the business to operate in a temporary location and may replace lost profits and pay ongoing bills while the flood-damaged business location undergoes repair.
In order to ensure that your business is covered with all the different policies that may be necessary has no costly gaps, give us a call today. Our business insurance specialists can discuss the many insurance products tailored to your specific industry?s needs.
Posted Friday, August 31 2012 1:34 PM
Tags : commercial, business, flood, insurance, property, business interruption
Source: http://www.choosemabry.com/blog/when_does_a_business_need_flood_insurance.aspx
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