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12 September, 2017 0
Does Your Business Have Flood Insurance?, commercial insurance in Los Angeles

Does Your Business Have Flood Insurance?

Flooding is the most common natural disaster in the United States.  Make sure your business has the right commercial insurance in Los Angeles, CA to stay protected.

Did you know that commercial property insurance policies don’t typically cover flood damages?  Commercial property insurance generally covers the damage caused by wind or lightening.  However, you need a special policy to protect your business from flooding.  It’s time to talk to your insurance provider and make sure your commercial insurance in Los Angeles has you covered.

Flood insurance protects against flooding that results from overflowing bodies of water, prolonged storms, broken dams, blocked storms drains, and so on.  In certain areas with a high flood risk, business owners are required to have flood insurance.  However, for businesses outside of prime flood zones, flood insurance is optional and subject to the discretion of the business owner.

While many business owners outside of high flood risk locations may think flood insurance unimportant, they should consider the risks that come with not having protection.  According to the NFIP (National Flood Insurance Program), a single inch of water can cause over $20,000 of damage.  Additionally, it is important to consider that flooding is not always caused by inclement weather.  This is reflected by the fact that over 20% of flood claims come from properties that are located outside of areas that experience high flood risk.

As a business owner, it is important to understand the pros and cons of flood insurance.  Start by evaluating your risk for natural flooding.  If you live in California, check a flood hazard map to determine if you are in an area with a history of flood damage.  Consider your proximity to levees, dams, and other bodies of water that could overflow.  Be sure to take the location of mountains into account as snow melt can also result in flooding.

Keep your business safe from flooding.  Want more information about your business’ protection?  Contact the team at Fuller Insurance Agency to make sure you are getting the right commercial insurance in Los Angeles.

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