A general insurance policy will not cover flood damage. Flooding is a risk to any business whether you are inland or near the coastline, In fact in the past 5 years all states have experienced floods and at least one in four businesses that shut down from a natural disaster never recover. Floods have many causes and can occur anywhere in the country, here are some of the common events that lead to flooding:
- Storm Surges
- Flash Flooding
- Ice Jams
In order to protect your business against this hazard there are two types of commercial building flood insurance and you can opt to buy one or both :
*Commercial Contents Policy – This covers inventory, merchandise, machinery and any other contents your business has up to $ 500,000.
*Commercial Building Policy – This covers your building and contents up to $ 500,000 each.
Flood Insurance premiums are based on several factors such as your buildings age , height, occupancy and location. If you are located in a low risk area you are eligible for a preferred risk policy which would cover your building and its contents for just a few hundred dollars a year.
For further information on how to protect against the risk of flood damage we at Brewster Allen are here to help. Please contact us to find out how you can extend your coverage to keep your business safe and running no matter what happens.