Commercial flood insurance

Why do you need commercial flood insurance coverage?

Here are a few reasons why you might need commercial flood insurance:

• Protects business assets if they are damaged during a flood.

• Bridges important coverage gaps from commercial property insurance exclusions.

• If your business is in a high-risk flood zone, a lender might require proof of flood coverage for financing.

• Save money. Your property and liability risks are bound in a single package with premiums that are typically less expensive than purchasing and renewing each coverage individually.

• For example, just like when you order a meal at a fastfood restaurant, when you buy the meal deal, it's cheaper than if you buy your sandwich, drink, and fries individually.

• Simplifies the insurance process and makes it easier for you to manage multiple coverages in one business owner’s policy.

• It’s invaluable to have the peace of mind that you are properly protected through a range of coverages included in one business owner’s policy so you can focus on growing your business.

What risks does flood insurance cover?

Commercial flood insurance covers a wide range of risks your business may face. Here are just a few examples:

• The town in which your store operates might experience a snowy winter and a warm spring, producing fast-melting snow that floods your facility and damages or ruins inventory.
  

• If your flower shop is near a stream, it could overflow from heavy rainfall and seep into your place of business.

• A broken dam might change the flow of water in the area, threatening the parking lot where you store your delivery vans.

• If cyber criminals hack a medical outpatient facility (ex., a dentist office) and confidential patient information is compromised, the business owner would be liable.

• If a clothing boutique stores its employees’ social security numbers in the cloud and that data is compromised, the store owner is at risk of legal action by the employees.

• If a logistics company is victim to ransomware after an employee unknowingly downloads a suspicious attachment, the financial burden can be heavy without cyber insurance.