Commercial Flood Insurance
Commercial Flood Insurance provides coverage for damages to your structures and their contents, stemming from flood-related incidents.
What is Commercial Flood Insurance?
Commercial Flood Insurance is a necessary protection for businesses operating in areas prone to flooding. This policy covers damage to your property and assets caused by flood, which is typically excluded from standard commercial property insurance.
Why You Need It
To Protect Business Assets
Businesses with physical premises and tangible assets in flood-prone areas require commercial flood insurance to protect against potential financial loss due to flood damage.
To Meet Lender Requirements
If your business premises is located in a high-risk flood zone and you have a mortgage from a federally regulated or insured lender, you will likely be required to have flood insurance.
To Ensure Business Continuity
Flood damage can be substantial, causing operational disruptions and financial strain. Commercial flood insurance helps to ensure that your business can recover and continue operations after a flood event.
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What Commercial Flood Insurance Covers
Building Property
This includes the building and its foundation, electrical and plumbing systems, HVAC equipment, permanently installed fixtures, and equipment.
Business Personal Property
Items such as machinery, appliances, furniture, and inventory within the building are covered under commercial flood insurance.
Loss of Business Income
Some policies may provide coverage for business income loss due to the direct physical loss or damage to property from a flood.
What Commercial Flood Insurance Doesn't Cover
Business Interruption (NFIP Policies)
NFIP Flood Insurance does not cover losses due to business interruption. A separate business interruption policy is needed for that coverage or you can find this coverage on the private flood market.
Basements or Below-Ground Property
Generally, areas below ground are not covered under flood insurance policies.
Outdoor Property
Outside signs, fences, playgrounds, trees, and monuments are generally not covered under a commercial flood insurance policy.
Reasons To Have Commercial Flood Insurance Coverage
Commercial Flood Insurance is a must have for businesses that need:
To Protect Business Assets
Businesses with physical premises and tangible assets in flood-prone areas require commercial flood insurance to protect against potential financial loss due to flood damage.
To Meet Lender Requirements
If your business premises is located in a high-risk flood zone and you have a mortgage from a federally regulated or insured lender, you will likely be required to have flood insurance.
To Ensure Business Continuity
Flood damage can be substantial, causing operational disruptions and financial strain. Commercial flood insurance helps to ensure that your business can recover and continue operations after a flood event.
What Does Commercial Flood Insurance Coverage Cost?
Costs can vary based on your location and the specific type of work you perform. Here are some examples of commercial flood quotes:
| Retail Store | Warehouse | Office Building | |
|---|---|---|---|
| State | LA | CO | AZ |
| Insured Property Value | $5,000,000 | $2,000,000 | $3,000,000 |
| Flood Risk | High Risk | Low Risk | Moderate Risk |
| Annual Premium | $30,000 | $2,500 | $8,000 |
Frequently Asked Questions
What Our Customers Are Saying
I’ve worked with Austin at LandesBlosch. He is upfront and honest, active in the community, and helpful even beyond basic insurance. I’d recommend LB to anyone.
Colton J.
I have been with Guy Landes and the LandesBlosch agency for almost 20 years. Guy Landes and his staff have been there for me and my entire family through several claims as well as guiding us successfully to ensure our family’s ever changing and growing business. Whether you are looking for personal or commercial insurance, you cannot find a more devoted and competitively priced group than the LandesBlosch Group!
Mike S.
Buying insurance can be a daunting task because of the complexity of each policy. LandesBlosch has been a game changer for my business. They held my hand through all the different options that my businesses may or may not needs to make sure I'm not underinsured. This reduces my personal stress and my business liability.
Dalton P.
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