Have you considered flood Insurance?
According to the Federal Government; At least 25 percent of businesses that close after events, like a flood, never reopen. From 2008 to 2012, the average commercial flood claim was more than $87,000. Over 80% of all disasters involve flooding.
What does flood insurance cover?
- Buildings
- Contents
- Equipment
- Inventory
Your Standard Flood Insurance policy must be provided by the National Flood Insurance Program (NFIP). And your property must be insured for the maximum amount.
Excess Commercial Flood Insurance
Excess commercial flood insurance provides protection against damage caused by flooding. This coverage is over and above your Standard Flood Insurance Policy (NFIP), extending your limits beyond the $500,000 available.
Final Thought
Having a formal disaster plan for your business is also very important. Having a plan can help your business weather the storm and resume operation. There are a number of resources for businesses to consider.
SBA
American Red Cross
Enhance Your Policy With Some of These Options:
- Employment Practices Liability can cover your business if discrimination, sexual harassment or wrongful termination claims are made by present, former or future employees.
- Life Insurance for Business Owners can help you plan for business succession, survive the loss of a key employee or partner and retain/reward your top people.
- Umbrella can shield your business from potentially ruinous lawsuits with additional liability coverage.
- Transportation and Cargo to cover against goods that are damaged or lost when transported by one of your vehicles or common contract carriers.
- Spoilage for perishable goods when they spoil due to a mechanical breakdown or power outage.
- Delivery/Catering Non-Owned Auto if an employee is involved in an auto accident while driving a personal automobile on company business, such as in a delivery or catering service.