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How does Commercial Flood Insurance Work?

How does Commercial Flood Insurance Work?

You may have considered flood insurance for your home, but have you thought about a commercial flood insurance policy to protect your business? 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. Although, if you are in a flood zone, then you could be at greater risk. To find out if you’re in a flood zone, you can use the FEMA Flood Map Service Center and search for your location. Although, regardless of if you’re in a flood zone or not, we still suggest commercial flood insurance to all of our commercial clients, and today we wanted to help you understand why this coverage is so important.

How does Commercial Flood Insurance Work?

Essentially, all flood insurance insurances are regulated and provided by the National Flood Insurance Program, or the 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 great news.

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. Are you curious if your business needs a commercial flood insurance policy? Typically, 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 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.

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

How does Commercial Flood Insurance Protect my Business?

As we mentioned, commercial flood insurance policies protect your business from flood damage. Although, there are more details we can provide on the limits, and what specifically is protected in these types of policies. It’s important to note that the NFIP has one program mandated by the government with the same limits for any business that sign 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

Between your business building and your personal property within your business, you have up to $1 million in coverage, ensuring your business will never completely go under. Flood insurance can be purchased with an affordable premium, so our insurance agency sees it as a no brainer for any Connecticut business.

Covering your Business with Commercial Flood Insurance

Looking to get started with your own 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, commercial insurance agents. Additionally, to get a free quote, you can click/tap the button below, or reach out to us on Facebook messenger.

 

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