Commercial Flood Insurance
Have you considered a Massachusetts Commercial Flood Insurance policy for your business? Business owners who are busy working to build and maintain their company often overlook it. However, protecting your business from disaster should be anything but an afterthought.
Here are some sobering statistics and facts regarding Commercial Flood Insurance:
- At least 25 percent of businesses that close after destructive events such as floods never reopen.
- From 2010 to 2014, the average commercial flood claim amounted to nearly $89,000.
In Massachusetts, Commercial Flood Insurance is one of the best ways to protect your business, your employees and your livelihood from devastating financial loss. We can help you navigate these dangerous and tricky waters to give you the peace of mind you need to focus on your business, not your risks.
We can provide coverage for your building and its contents. There is typically a 30-day waiting period from date of purchase before your policy goes into effect – which means now is the best time to buy Commercial Flood Insurance.
Luckily, most commercial buildings in moderate- to low-risk areas qualify for coverage at a preferred rate. It’s called a Preferred Risk Policy, and it provides both building and contents coverage for properties in moderate- to low-risk areas for one low-price.
You may not qualify for a Preferred Risk Policy, but a standard rated policy is still available to you. Although the federal government doesn’t require flood insurance, anyone can be financially vulnerable to floods. People outside of mapped high-risk flood areas file over 20-percent of all National Flood Insurance Program flood insurance claims and receive one-third of Federal Disaster Assistance for flooding. When it’s available, disaster assistance is typically a loan you must repay with interest.
Operating in a high-risk area demands you carry a standard-rated policy. It offers separate building and contents coverage. If your commercial property is in a high-risk flood area and you have a mortgage from a federally regulated or insured lender, you are required to purchase a flood insurance policy.
Finally, Massachusetts Commercial Flood Insurance premiums are calculated based on the following factors:
- Year of building construction
- Building occupancy
- Number of floors
- The location of its contents
- Its flood zone location
- In newer buildings – the location of the lowest floor in relation to the elevation requirement on the flood map
- The deductible you choose and the amount of building and contents coverage.
This is complicated but not impossible, especially with our help. Contact us today. We’ll get you covered so you have one less thing to worry about.