Flooding continues to grow as a risk for homeowners and business owners, even in areas not typically prone to flooding. As climate change continues, the pattern is expected to only grow worse — a reality demonstrated by the severe flooding in the Northeast in late summer 2021. However, flood insurance is often included separately from other insurance policies. In light of all this, it is worth considering commercial excess flood insurance, to most effectively protect your property and valuables.
How Does Commercial Excess Flood Insurance Protect Your Business?
Simply put, commercial excess flood insurance helps to fill gaps that may exist elsewhere in your coverage, specifically around flooding risk. It may include any of the following:
- Coastal risk coverage
- Coverage for loss of business income (due to flooding)
- High limit coverage
- Replacement coverage for property and materials damaged or destroyed by floodwater
This type of insurance may cover a wide variety of commercial properties: hotels and motels, restaurants, multi-family properties, apartments, shops and other smaller commercial properties, office and warehouse spaces, light manufacturing sites, and more.
Speaking to an experienced insurer about commercial excess flood insurance will help ensure that your business and its assets are protected if a flood occurs — and that you are ultimately able to weather the storm and continue thriving as a business.