As businesses begin to recover from the devastation Sandy brought to the northern United States, many business owners are finding themselves reviewing their business insurance policies in more detail. What many will unfortunately discover is that flood insurance is not included in a standard Business Owners Policy (BOP). Just as your homeowners insurance does not include flood insurance your business insurance policies does not either.
According to www.floodsmart.gov almost 40% of small businesses never reopen following a disaster.
What you need to know as a business owner:
– Flood insurance is available for commercial property owners and commercial property renters.
– Coverage is available for your building as well as the contents of your building.
– There is typically a 30-day wait period from the date of purchase before the policy goes into effect, except in the event of a loan closing.
– Premium costs vary depending on how much insurance is purchased, what it covers, and the property’s flood risk. Click here for a link to commercial property rates provided by FloodSmart.gov
– Similar to flood insurance for your home, if your commercial property is in a high-risk area and you have a mortgage from a federally regulated or insured lender, you are required to purchase flood insurance.
If you have any questions regarding your current coverage or would like to receive a flood insurance quote, contact McGriff-Williams insurance by e-mailing info@mcgriffwilliams.com or by calling (352)371-7977.