As with homeowners insurance policies, many business owners don’t realize that their commercial property insurance doesn’t cover flood.
Suffering a flood can wipe out a business because it’s not just a matter of replacing damaged equipment and repairing buildings, but also the sheer time it takes, during which the facilities can’t be used.
As a business owner, you can look at both commercial flood insurance offered through the federal National Flood Insurance Program (NFIP) and commercial flood insurance coverage from non-NFIP policies.
The two big advantages of non-NFIP policies are that they can pay out full replacement costs (whereas NFIP payments account for depreciation), and they can include coverage for loss of business during the rebuilding phase (loss of business is not covered by NFIP).
Whether your business is located in an area of common flooding or not, commercial flood insurance is worth exploring. Contact our insurance advisors, and we can help you get started.