4 Reasons Your Business Should Have Flood Insurance

7/20/2022 (Permalink)

4 Reasons Your Business Should Have Flood Insurance

When you acquire a building for your West Jordan, UT business, one of the first things you should do is purchase insurance. When you do this, there are several options available, so it can be difficult to determine what is the best choice for you. You may wonder if additional policies like flood insurance are worth the extra cost. In many cases, the answer is yes. Here are just a few reasons why.

1. Most Standard Insurance Does Not Cover Floods

While standard commercial insurance does cover a large range of situations, large-scale disasters such as floods and hurricanes are often not included. These can cost insurance companies a lot of money, so they will often require an additional policy for this added coverage.

2. Flooding Can Cause Extensive Damage

If your business is affected by a flood, you don’t want to be stuck paying for all the damage that is caused. Flood waters that are left to sit can cause warping to walls and flooring and weaken the structure of your building. They can also damage furniture, electronics, and other belongings. Because flood water can carry contaminants, bacteria, and mold spores, the cleanup can be quite costly as well.

3. It Might Be Required

In some areas, you might not have a choice as to whether or not you will buy flood insurance. If you live in an area with high flood risk and have a mortgage on your building, you might be required by the lender to purchase the additional policy.

4. Natural Disasters Can Be Unpredictable

Even if you live somewhere with a low risk of flooding, it can still be a good idea to purchase insurance. Storms and natural disasters can sometimes have unexpected results, so you might end up in an unpleasant situation if you aren’t prepared for the worst.

If you do experience flooding in your building, a water damage remediation company can help with cleanup and repairs. Having flood insurance will make the process easier while saving your business money.