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Business Flood Insurance

Flood Insurance for Businesses

A good business insurance package covers the risks faced by a business without costly redundancies in coverage. Unfortunately, few businesses have flood insurance that will help them recover after water damage and other destruction following a flood. Wichert Insurance, an independent insurance agency, partners with the National Flood Insurance Program (NFIP) to help businesses get the flood insurance necessary to protect buildings, documents and assets.

The National Flood Insurance Program

Administered by the Federal Emergency Management Agency (FEMA), NFIP works with many private insurers to provide flood insurance to businesses in communities that have joined NFIP and continue to maintain certain flood-management standards set by this national program. Flood insurance rates for companies, organizations and individuals with property in these communities are government regulated and do not vary from location to location. Your rates will depend on factors such as building risk, building construction and building age.

Risk and Coverage Options

Although flood insurance is not generally included in a basic business owners policy or business property coverage, all companies should carry it. According to NFIP, almost 20 percent of flood insurance claims are filed by property owners with moderate-to-low risk. Businesses that fall into the moderate-to-low risk category can take advantage of national preferred risk policies with lower premiums, and these businesses are eligible for contents-only coverage as well.

Corporations located in high-risk areas are eligible for national standard-rate policies. These provide for separate building and contents coverage. Commercial property that is located in a high-risk area and under mortgage from a federally regulated or insured lender must be covered with a flood insurance policy.

Flood insurance may be critical for your company even if your property is not located in a community that participates in NFIP. To learn more about the flood insurance options available to your company, fill out the free online risk profile. One of our experienced agents will reach out to you to answer your questions and assist you in protecting your business with the right flood insurance.