As storms and hurricanes cause greater flood damage with each passing year, businesses that are not properly insured could be left paying for damage to their properties out of pocket.
Despite flooding events increasing, it’s noteworthy that many companies located in or near flood zones do not carry commercial flood insurance, without which any damage their properties sustain won’t be covered.
Damage from flooding, including inundation generated by a hurricane-generated storm surge or overflowing rivers, typically is not covered under a standard commercial policy, including a commercial package policy or a business owner’s policy.
Companies located in flood plains will usually carry some flood insurance, but 30% of all floods in the U.S. occur outside such areas. As the recent storms in California illustrate, even businesses and homes located outside of flood plains are at risk.
The main source for coverage is the National Flood Insurance Plan (NFIP), a federally backed program. There are also a handful of private carriers that offer flood insurance. We can help you secure the best coverage for your needs and situation. Flood Insurance Can Save Your Firm from Calamity