I have Commercial Property Insurance for my business; I don’t need to worry about flood…..right?7/14/2018 Many times your life’s work is tied to your business and that is the only reason I need give to convince you to call a knowledgeable Insurance consultant. Did you know your commercial property insurance will cover most natural events such as wind, lighting ect… but not flood. You will need a special policy if your business floods. Flood in specifically defined by the National Flood insurance program as: “1. A general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (one of which is your property) from: a. Overflow of inland or tidal waters; b. Unusual and rapid accumulation or runoff of surface waters from any source; c. Mudflow.” In other words, flooding generated by hurricane storm surges would normally be covered under your flood policy, not your typical commercial insurance policy. Is it worth the money? If your business is located in a high risk flood area you absolutely should research the benefits of having flood insurance, in some cases it is mandatory. There might be good reasons to add the coverage in other instances; either way, you should sit down with a knowledgeable insurance agent and discover what coverage you do and don’t have prior to needing it. For example, business autos (flood coverage) and business interruption insurance will become important as you attempt to push your business forward after a major catastrophe. For some, it is the difference between losing your life’s work and starting over again.
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