Flooding can occur anywhere, anytime. And, it’s caused by more than just rainfall. Snow melt, hurricanes, and new developments in your area can also cause flooding. So, even if your business is located high on a hill, you could still experience flooding.
The National Flood Insurance Program (NFIP), backed by the federal government, covers businesses from financial losses due to property damage caused by flooding. Flood coverage is available to your business if your community participates in the NFIP; this includes those operating in NFIP-defined high-risk zones.
According to floodsmart.gov, 40 percent of all small businesses that experience a flood fail to reopen. Remember: Commercial Property insurance almost invariably doesn't cover losses from flooding.
Ask your insurance expert about whether the NFIP is available in your community.
Educate yourself about the degree of risk your business faces from a flood.