Three Reasons Why Your Business Needs Flood Insurance

2/1/2022 (Permalink)

Why Purchase Flood Insurance?

When you are taking out insurance for your Weston, FL business, you might wonder if you really need to get separate flood insurance. While it might seem like an unnecessary extra expense, it can be incredibly helpful in an emergency. If you need more convincing, here are a few reasons why you should purchase this type of insurance.

1. Floods Are Not Covered Under Other Types of Insurance

Perhaps the most obvious reason why it is a good idea to get this added insurance is that other kinds of commercial insurance do not cover damage caused by floods. Your standard commercial property insurance covers many kinds of damage, but if you are hit by a flood, you will not be covered unless you have a separate policy specifically for that purpose.

2. Water Damage Can Be Costly

If your business is flooded, you might end up with quite a bit of water damage. This can include damage to the building itself as well as the property inside of it. Floors and walls might need to be replaced by a professional water damage repair service which can take a lot of time and money. If you have expensive equipment or computers that need to be replaced, it will be even more costly. In this case, having flood insurance can save you from a huge financial loss.

3. It Might Be Required

In some cases, you might be required to get flood insurance. This will likely be the case if you have a mortgage on the property and you live in an area with a high risk of floods. The lender will want a guarantee that the property is protected in an emergency.
You cannot predict when bad weather will happen, and you should protect your business from all possible scenarios. Because other types of commercial insurance do not include floods, it is a good idea to purchase a separate flood policy.