Determine whether your business would benefit from flood insurance coverage.
Flooding is a natural event that many of us would rather not think about. After all, it is a mass-destruction event that brings with it large cleanup and repair costs. What we often forget is that everywhere is capable of flooding – even your business. Most standard commercial insurance policies do not cover flood damage, which is why it could be wise to secure a separate flood insurance policy.
What does flood insurance cover?
Flood insurance will generally cover damage to buildings, air conditioning/heating systems, electrics, plumbing, carpeting, and major appliances. Typically, lost productivity and sales are not covered.
Who needs it?
For most businesses, flood insurance is optional. Business owners can evaluate their risks and choose to purchase insurance. However, coverage may be mandatory if a business location is situated in a flood zone. FEMA puts out Flood Insurance Rate Maps (FIRMs) that will let you know if you’re in Special Flood Hazard Areas. If your business is located in one of these places, you might qualify for a referred Risk Policy (PRP). Fortunately, most business owners that wish to insure their flood risks can obtain a policy through the National Flood Insurance Program (NFIP).
Even if your business is located outside of a flood zone, you should still consider flood insurance. Flood risks are evolving rapidly due to climate change, among other factors. Flood maps are not often updated, meaning that the published map may not accurately reflect your real risk. What’s more, flood insurance premiums are typically low for properties located outside high-risk zones.
Are you ready to find the right flood insurance coverage for your needs? Contact the team at Gee-Schussler Insurance Agency in Orland Park to get started on your tailored cover.
