What could $25,000 buy for your business? Upgraded equipment? A marketing budget? Payroll increases?
If just one inch of water enters your business and you have no flood insurance, that $25,000 will be needed to repair the damage to your building, according to the National Flood Insurance Program.
Many commercial building owners are eligible to purchase a limit of up to $500,000 for building damage and $500,000 for business contents damaged by flooding. Businesses that require higher limits may be able to obtain additional coverage through a private insurance company.
The most common excuse building owners give for not purchasing flood insurance is that the property is not located in a designated flood zone. However, the Federal Emergency Management Agency reminds property owners that more than 20% of flood damage claims occur at properties that are not located in designated flood zones. Further, owners should understand that most commercial property insurance policies do not cover flood damage.
Flood damage can be caused by a number of sources other than rain. For example, snowmelt and runoff from construction sites which disrupt natural drainage systems are common causes of flood damage.
For more information on obtaining this essential insurance, contact your insurance agent today
