Many businesses in Michigan are not prepared for floods or even have a plan for one. Disasters can strike anytime and anywhere, whether you are ready or not. Preparing your building in advance can save you a lot of time and money. One of the best ways to do this is by having the right flood insurance. Here are some things to know before confirming your policy though.
3 Things to Consider for Commercial Flood Insurance
What Kind of Damage Does Flooding Cause?
You may be wondering what exactly you are protecting your building against. During heavy rainfall, water gets in through small cracks in the walls or foundation. It can also enter through small openings in the windows or through weak spots in the roof. This small amount of liquid can lead to a lot of damage. In addition to soaking the floors, it can also seep into the furniture, office equipment, important documents, and electronics.
What Does Insurance Cover?
Always check your policy, but commercial insurance typically covers damage to the structure of the building and the contents that were affected by the storm. External damage is usually caused by fall trees, while internal damage is more likely to be from flooding. Most policies pay for a restoration company to come handle the repairs and cleanup.
Is Your Building Really at Risk?
Unfortunately, weather is unpredictable, so you cannot know in advance whether you will ever use your flood insurance or not. However, it is best to be safe than sorry when it comes to your business. No building is ever truly safe from the dangers that storms bring, so most companies choose to get the insurance. While getting flood insurance may not be at the top of your to-do list, getting it sooner rather than later is important because you never know when a storm may hit. If you aren't sure how much coverage you need or what type of policy to get, talk to your insurance company to find out what is right for you.