Understanding Complicated Commercial Insurance

5/3/2022 (Permalink)

Your insurance agent can recommend the policies that are necessary for your particular business in your location

You may feel pretty confident about the commercial insurance package your agent has put together for your business, but it may still be lacking something. If you don't have flood insurance, you could be setting yourself up for a devastating loss, particularly if you live in an area that is prone to flooding. Here are some reasons to have proper flood coverage in addition to all the other policies in your portfolio.

Commercial Property Limitations

Your commercial property insurance is essential. A solid policy will cover most of the damages that might occur:

Fire damage to the structure of the building

Stolen property

Vandalism

Damaged business personal property

Repairs to building

Natural disasters are generally not covered under a standard commercial property policy. To protect against flooding from storms, you need additional flood insurance.

Flood Policy Coverage

While a flood policy does not cover damage from the storm to landscaping or others' property, it protects your building and the items in it. Good flood coverage can pay for repairs after a storm. It also covers any damage done to insured items, such as office or production machines, that need to be restored by water remediation specialists.

Legal Requirements

Finally, if you live in an area prone to flooding, a commercial insurance policy that specifically protects against the damage it can cause may be required by law. This is particularly likely if you have a federally backed mortgage or if you rent your commercial property from someone else. In the latter scenario, if the law doesn't require insurance for flooding, your landlord probably does.

Your business needs protection from many problems that may arise. Your insurance agent can recommend the policies that are necessary for your particular business in your location. If you live in an area that floods often, make sure you get flood insurance.

If you have damage, including flooding, to your business or commercial site, call SERVPRO of Louisa, Orange, and Madison Counties (540) 513-3111. We have trained, certified technicians that can respond quickly.