Choosing Business Insurance for Water Damage: 3 Tips

9/3/2020 (Permalink)

Water damage at a warehouse building in Elburn, IL

Keep In Mind The Following Three Tips

Protecting your Elburn, IL, business from the ravages of water damage due to both indoor and outdoor flooding can help you avoid financial stress and safeguard your investment. Business insurance offers protection against many different types of flooding, but before you sign a policy, there are a few tips you may want to keep in mind to make an informed choice about the kind of protection you choose.

1. Coverage May Vary
While business insurance may cover certain types of flooding, it may not offer an all-encompassing blanket of protection. For example, your insurance might cover flooding from broken pipes, but if your business suffers damage from outdoor flooding or a sewer backup, you may have to pay out of pocket for it. Asking your insurance representative about these exceptions may help keep you in the know and give you peace of mind if flooding does occur.

2. You May Need Additional Coverage
A single business insurance policy may not offer you the kind of coverage you need because of the many ways water damage might occur. Ask your insurance representative if you require any addendums to your policy and if your commercial property has any features that might make it at higher risk for flooding, such as its location

3. Ask About Cleanup Coverage
If a flood occurs at your business, you might need a water cleanup and restoration service to remove standing water and remove and replace damaged building materials. As you create a flood insurance policy with your insurance representative, you may want to inquire about whether the policy you choose covers this cost. Because flooding can cause such widespread damage, this type of coverage may help you minimize the cost of flood recovery.
Water damage can have a serious impact on your Elburn, IL, business. While investing in business insurance can protect your investment, keeping the previous tips in mind may help you create a policy that offers a wide range of flood coverage.