Flooding can occur anywhere and anytime, including in unexpected locations. Flooding is caused by more than just heavy rainfall, melting snow, and hurricanes. Overflowing water sources, broken water mains, damaged hydrant lines, and nearby construction can also cause flooding and water damage to your business. One of the smartest ways you can protect your business is with flood insurance.
Commercial flood insurance is an essential policy to carry in order to protect your building contents, commercial property, and cover business interruption, especially if your company is located in a high or medium-risk flood zone. We’ve seen all too often in recent years how devastating hurricanes and tropical storms can be, even in northern states like Massachusetts.
Damage caused by rainwater and flooding is not covered by other business property policies or homeowners policies, so a flood insurance policy is necessary for this crucial coverage.
Still unsure? Consider these facts. After a flooding disaster, an estimated 40% of businesses don’t reopen. Of those that do reopen, 25% fail within one year. Small businesses are especially vulnerable, as they are more likely to have limited resources to sustain themselves while temporarily closed, and are far less likely to be able to carry the burden of the additional expenses required to reopen in a timely manner.
Flood insurance policies are provided by the U.S. Federal Government through FEMA, but they are sold and serviced by licensed agents and companies such as Econosurance.
In most cases, a program can be put in place at an affordable rate. Here at Econosurance, we offer comprehensive commercial flood insurance through the best providers that can shelter your business from devastating storms and flooding from natural and man-made causes.