When To Get Flood Insurance for Your Business

1/14/2022 (Permalink)

Investing in the right flood insurance policy can help your business recover from potential devastation.

Businesses rely on commercial insurance providers to help them out in times of need. Insurance for flood damage usually requires a policy separate from any general business plan, so it can be easy to overlook. However, water damage repair expenses can accumulate rapidly, so depending on the situation of a business, it is a good idea to prepare for the worst and invest in a smart insurance plan.

Why Getting a Flood Insurance
Extreme Weather Threat

Many parts of the country pose flooding risks. If you live in areas that feature any of the following yearly weather patterns, you should consider getting flood insurance:

• Winters with heavy snowfall and warm springs that result in rapidly melting snow
• Coastal areas with a high risk of experiencing hurricanes
• Other regions of the United States prone to extreme weather

Severe weather can be unexpected but cause excessive damage to a commercial building and its contents. Even a small insurance policy can save businesses thousands in repair expenses.

Riverfront Properties

Commercial buildings and assets located near rivers and lakes can suffer massive damage in seasons with torrential downpours. Rivers and lakes rise and expand in years of abundant rain, allowing water to creep into and even submerge surrounding properties. Most of these areas will be required to carry flood insurance policies, but for businesses that are not, these policies are still a wise investment.

Urban Areas

The development of roads, businesses, homes, and other municipal buildings can alter the landscape of a region, making it more prone to flooding. Even modest amounts of rainfall in Black Forest, CO can result in dangerous flooding given the correct circumstances.

Federal Requirements

Federal government regulations require some companies to purchase insurance. If a business is deemed to be in a high-risk flood area and a federally regulated or insured lender controls its mortgage, then the business will be required to own insurance for flood damage.

Protecting the assets and finances of your business are paramount to its success. Visit us for more information on commercial storm damage.