Commercial Flood Insurance
Over the last several years, we have witnessed firsthand the extensive damage flooding wreaks on businesses. Hurricane Ida last year pummeled residents and businesses in several New York counties. Super Storm Sandy hobbled tens of thousands of small businesses across New York and New Jersey. For many restaurants, the damage from Sandy meant redeploying resources for much-needed upgrades to existing infrastructure or replacing equipment that was lost to flooding.
Whether you are located on the coast or inland, it’s important to carry Commercial Flood insurance. Your Property insurance will not respond if your business is damaged due to flooding. At Baldon Group, we provide business clients with Flood insurance coverage and have the markets to provide difficult-to-place risks with a policy as well.
Inside Flood Insurance for Businesses
Commercial Flood insurance available through the government’s national program (NFIP) provides up to $500,000 for the structure (if you own the building) and $500,000 for contents. Building damage includes damage to floors, walls, ceilings, plumbing, electrical systems, and HVAC. Contents coverage includes furniture, fixtures, inventory, machinery, equipment, and other property owned by your business that has been damaged by a flood. When a covered building sustains significant damage, the NFIP provides up to $30,000 in Increased Cost of Compliance (ICC) to bring your structure up to code. The cost of elevating, demolishing, or relocating a damaged building may be covered by ICC coverage. It also compensates for the cost of floodproofing qualified basements in buildings. ICC claims are covered by your building claim limit, but they are handled separately.
Baldon Group can also provide you with private Commercial Flood insurance for higher limits and broader coverage than what’s available through the government program.
