Flood Exclusions in Business Insurance Policies
A business insurance policy, such as a Business Owners Policy (BOP) or Commercial Property Insurance policy, covers a wide range of perils, insurance-speak for losses. Standard business insurance policies exclude flood from their coverage, which protects business owners from damage and loss to buildings, contents, and other business personal property.
Floods Are Not Geographically Limited
Floods don't only occur in coastal areas, they can occur anywhere at any time of the year. According to the National Flood Insurance Program (NFIP), floods are equal opportunity disasters: over the last five years, all 50 U.S. states have experienced flooding.
Flood Insurance Risk and Your Business:
If your business is in high risk areas, you might need flood insurance. The National Flood Insurance Program produces maps that indicate flood zone risks, but consumers and businesses outside of these areas account for 20% of flood insurance claims and receive about one-third of flood insurance payments. Having flood insurance can mean the difference between closing down a business and continuing on after a flood if it covers a building of up to $500,000 and contents of up to $500,000.
Find out if flood insurance is right for your business and how much it will cost. Don't delay, new flood coverage requires a 30-day waiting period.
Do you have questions about Boat Insurance?
Contact an insurance agent at Meixell - Diehl Insurance today to answer any questions about Boat Insurance or for a free review and insurance quote for Boat insurance. And don't forget, as an independent insurance agency, we represent several top rated insurance companies. We have the flexibility to help you find coverage at competitive premiums for business, home, auto, and more.
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Do you have questions about Flood Insurance?
Contact an insurance agent at Meixell - Diehl Insurance today to answer any questions about Flood Insurance or for a free review and insurance quote for Flood Insurance. And don't forget, as an independent insurance agency, we represent several top rated insurance companies. We have the flexibility to help you find coverage at competitive premiums for business, home, auto, and more.
Some products and services may not be available in your area.
Please contact us for more information.