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Do I Need Commercial Flood Insurance?

You may know that you need flood insurance for your home, but did you know it’s necessary for your business as well? Flood insurance isn’t included in a typical commercial insurance policy. Although, a commercial flood insurance policy could save your business from disaster, even when you don’t live in a flood zone. Those businesses in a flood zone are at a higher risk. Not sure if you are in a flood zone? Visit the FEMA Flood Map Service Center and search for your location.

It’s essential to keep in mind, even if you aren’t in a flood zone, the potential for a flood loss is there. That’s why we recommend all businesses carry a commercial flood insurance policy. 

What Commercial Flood Insurance Covers 

All flood insurance insurances are regulated and provided by the National Flood Insurance Program, or NFIP for short, which is managed by FEMA. The NFIP clearly states that “The National Flood Insurance Program aims to reduce the impact of flooding on private and public structures. It does so by providing affordable insurance to property owners, renters, and businesses and by encouraging communities to adopt and enforce floodplain management regulations.” For businesses everywhere, this is excellent news.

Commercial flood insurance protection can help protect your business’s:

  • Floors
  • Walls
  • Ceilings
  • Equipment and fixtures
  • Furniture
  • Inventory

It’s important to note that the NFIP has one program mandated by the government with the same limits for any business that signs up. These limits include covering your business for:

  • Flood damage to your building property for up to $500,000
  • Flood damage to your personal property for up to $500,000

As you can see, that’s a combined coverage of up to $1 million to ensure your business stays operational after a flood disaster. 

Image depicting a person holding their hands over a drawing of a house that is being rained on.

When to Get a Commercial Flood Insurance Policy

Typically, if you’re looking to get started on a commercial flood insurance policy, the best time to look into more details is today, because the government requires a thirty-day waiting period on new flood insurance policies. Additionally, most business property insurance policies don’t cover flood insurance, in which case, you should strongly consider looking into commercial flood insurance coverage if:

  • You run your business in an area that has snowy winters and warm springs because the snow that melts fast can very easily cause flooding.
  • You experience moderate rainfall throughout the year. A drain can become easily clogged and eventually overflow, causing flood damage.

In Connecticut, businesses are at risk due to these factors, even if you don’t operate your business within a flood zone.

Image of animated figures floating on inflatable tubes in a body of water.

The Takeaway

Looking to get started with your commercial flood insurance for your Connecticut business? If you’re still asking yourself, “How does commercial flood insurance work?” then our professional, licensed insurance agents are here to help. If you have any additional questions on commercial flood insurance, or you’d like to get started today, you can give us a call at 860-684-5270 and ask for one of our licensed, business insurance agents. We will be happy to go over any questions or concerns you may have. 

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