Do you need commercial flood coverage?

As a business owner, you want to do everything in your power to keep your business safe.  This is why you have done your best to secure the right commercial insurance and implement a strong loss prevention program for your business.  Unfortunately, when it comes to flooding, standard commercial insurance won't do enough.  This is because standard commercial property policies do not offer coverage for flood damages.  So, how do you secure the protection that you need?  This is where commercial flood insurance steps in. Commercial flood insurance protects against flooding that results from overflowing bodies of water, prolonged storms, broken dams, blocked storms drains, and so on.  In certain areas where there is a high flood risk, flood insurance is a required policy.  However, for businesses outside of prime flood zones, flood insurance is optional and subject to the discretion of the business owner. While many business owners outside of high flood risk locations may think flood insurance unimportant, they should consider the risks that come with not having protection.  According to the NFIP (National Flood Insurance Program), a single inch of water can cause over $20,000 of damage.  Additionally, it is important to consider that flooding is not always caused by inclement weather.  This is reflected by the fact that over 20% of flood claims come from properties that are located outside of areas that experience high flood risk. As a business owner, it is important to understand the pros and cons of flood insurance.  Start by evaluating your risk for natural flooding.  You should check a local flood hazard map to determine if your business is located in an area with a history of flood damage.  Consider your proximity to levees, dams, and other bodies of water that could overflow.  Be sure to take the location of mountains into account as snowmelt can also result in flooding. This is what you need to know about securing commercial flood coverage.  Do you have additional questions about your business insurance?  If so, then contact the experts at East End Insurance Agency.  Our dedicated team is eager to assist you with all your commercial coverage needs today.