The floods from Hurricane Harvey and Hurricane Irma caused damages to countless individuals, and their businesses. Many had to move their operations or close down altogether. Now, more business people are looking into getting insured, but they need more information. Review a few ways to tell if your business needs flood insurance.
Current Insurance Plan
Check your current business property insurance to see if flooding is included. A typical commercial policy does not cover flood damages. One way to get recovered is to contact the National Flood Insurance Program (NFIP).
Coverage Options
Know the types of damages that flood insurance covers and does not cover. Your business is protected from floods caused by storm surges, heavy rainfall, melting snow or sewer blockages. A flood is not the same as a water leak and has to cover a large area.
Damages made to sewers, landscapes and company cars are not covered. The wages lost due to your interrupted business are also not covered. It’s important to look through each flood insurance policy carefully. The coverage options vary with each policy and insurance company.
Legal Requirements
Certain people are required to buy flood insurance for their homes or businesses. Those who live in high-risk areas must be insured. Check the legal requirements where your business operates.
Weather Reports
Check recent weather reports to see how the conditions are changing. The global warming of temperatures could be creating more hurricanes. If your business is located in a coastal area, check the weather regularly along with the temperatures and amounts of rainfall.
Anti-Flood Equipment
Invest in tools to prevent floods from affecting your business, whether or not you think you need insurance. You are not always present to see the water enter your home. Wireless flood sensors alert ADT when your home is taking on water. Use flood detection tools to warn you of problems that could be preventable.
Natural Disaster Plan
Remain aware of the approaching hurricane system and prepare long before summer comes. Create a natural disaster plan that includes emergency provisions and backup power generators. Even if your business is uninsured, at least protect the safety of your employees and return the business back to normal as quickly as possible.
Floods are common natural disasters that occur in every country. Recently, floods are occurring more frequently and on a larger scale. Many businesses must be insured from the destructive effects of flooding. Learn about the flood policies that insurance companies have to protect your business.
References
https://www.iii.org/article/does-my-business-need-flood-insurance
https://www.protectyourhome.com/home-security-equipment/wireless-flood-detector
https://www.rawstory.com/2017/10/john-oliver-wants-the-national-flood-insurance-program-fixed-since-people-are-too-stupid-to-move-to-safer-ground/