Flood Insurance for Businesses

Flood Exclusions in Business Insurance Policies

Insurance policies for business, such as the Business Owners Policy (BOP) and Commercial Property Insurance policy, cover a wide range of perils, insurance-speak for causes of loss. These policies help protect business owners from damage and loss to buildings, building contents and other business personal property. Unfortunately, standard business insurance policies specifically exclude the peril of flood.

Floods Are Not Geographically Limited

Flooding isn't limited to coastal areas, floods can occur almost anywhere at any time of the year. In fact, flooding is the most common natural disaster. Floods are equal opportunity disasters: according to the National Flood Insurance Program (NFIP), over the last 5 years, all 50 U.S. states have experienced flood events.

Flood Insurance Risk and Your Business:

Does your business need flood insurance? Maybe. The NFIP produces maps showing flood zone risk, but consumers and businesses outside of high risk areas file 20% of flood insurance claims and benefit from about one-third of flood insurance payments. Flood insurance is available for up to $500,000 for buildings and $500,000 for contents and having it can mean the difference between closing up a business or continuing on after a flood.

Talk to us to find out how much flood insurance, if any, is right for your business and what it would cost. But don't delay, new flood coverage requires a 30 day waiting period.