Today, we want to reach out to business owners out there especially those who own grocery stores. We want to unpack how to get the right amount of coverage for your commercial flood insurance policy and understand possible policy exclusions included in your flood insurance.
Since last year, a lot of owners faced a big threat to their income when it comes to the business they own. It's a known fact that the biggest industries hit by the pandemic were the businesses across the county. A lot of these businesses struggled to keep themselves afloat. Now, we're starting to recover from this however another threat is looming around the corner — hurricane season.
You see, grocery stores can be a very funny flood risk and the reason is that equipment in these establishments can be very expensive. Sometimes these things won't even be covered depending on your policy exclusions.
We're talking about servicing equipment that may cost you $20,000 to $30,000 to replace. There's also equipment that preserves or saves perishable contents like refrigerator units and all that. This stuff adds up very quickly. This is why it's very important to understand how this may be in your policy exclusions.
Another thing we want you to consider is getting that loss of use coverage (you can check out our video on it below). To briefly mention, this is making sure that you don't lose the income that may be coming in while you're repairing the property.
Here are the things you want to consider when you're buying flood insurance especially for commercial property or a business. It's a big thing to lose income, so you want to make sure you have the chance to avoid going through that in the first place through proper coverages in your flood insurance.
If you have any questions on flood insurance coverage for your business, reach out to us. Remember, we have an educational background in flood mitigation and we want to help you avoid flood risks, so you too can protect the value of your property long term.
Click the links below to start your flood insurance story: