Selective Insurance Social
  • Business
  • Auto
  • Home
  • Digital Toolbox
    • LinkedIn Best Practices
  • Flood
    • Hurricane Preparedness
  • Infographics
  • Prep Guides
    • Coronavirus Information
    • Spring Maintenance Guide
    • Fire Prevention & Safety
    • Winter Preparation For Your Home
    • Winter Preparation For Your Business
    • Winter Preparation For Your Vehicle
    • Hurricane Preparation

The Risks of Flooding to Your Business

9/5/2018

 
Share this article:
​Flooding is just as damaging to property owners as hurricanes, tornadoes or any other natural disaster.
Flooding is the nation’s most common natural disaster and can cause more damage to property than hurricanes or tornadoes. If you are a small-business owner and are located near a body of water  such as a stream, river, lake, ocean, levee or dam.  now is the time to review you flood insurance needs. 
 
Flood insurance through the National Flood Insurance Program (NFIP) provides valuable coverage for your building  as well as furniture, machinery, stock and other property used for your business.    
 
Types of flooding
According to the Insurance Institute for Business and Home Safety (IBHS), a nonprofit insurance industry research organization, there are four major types of flooding:
  • Rising water from melting snow or large drifts of ice.
  • Fast-moving water from overflowing rivers, in which case the water's lateral force is the most destructive aspect.
  • Levee or dam breaches, which release held-back river or ocean water.
  • Flash flooding resulting from extensive rainfall all at once and severe thunderstorms that linger or tropical storms moving inland.
It is important to note that floodwaters with large amounts of dirt and debris  or that are contaminated with waste or chemicals can increase the amount of damage to property.   .

In terms of structural integrity, the depth of floodwater is particularly important to note. The IBHS states that floodwaters that go beyond three feet may crack masonry and other foundation materials, potentially impacting the structural integrity of a building. 

How should I protect myself?  If your business is in a high flood risk area and there is a mortgage from a federally insured or regulated lending institution on the property, flood insurance is usually required by the lender.   If you are not is a high flood risk area, purchasing flood insurance can  prove to be a wise choice. According to the I.I.I., few commercial property insurance packages cover flood or water damage. In addition, floods can happen in all areas including areas deemed to be ‘safe’ from flooding.  If your business is in the general vicinity to a body of water or  your area is prone to heavy rain fall, a flood policy can be the protection  you need. 
​
The Federal Emergency Management Agency, in collaboration with insurance companies involved in their NFIP Write Your Own program  offer flood coverage to business and property owners across the country. If you are interested in learning more about the coverages offered by the NFIP  please  contact your insurance agent today to get a flood insurance quote.   

Visit selectiveflood.com for additional information.

RELATED ARTICLES

the threat of electrocution during periods of flooding extremely high.
ELECTRICAL SAFETY DURING FLOODING
 Flash Flooding: Safe Driving Tips 7/14/2017 Flash Flooding: Safe Driving Tips Flash flooding is among the most dangerous roadway hazards a driver can face.
FLASH FLOODING: SAFE DRIVING TIPS
Flooding can be a devastating natural disaster and, unfortunately, one that is only too common.
THE IMPACT OF FLOODING


Comments are closed.

    Categories

    All
    Auto
    Business
    Flood
    Home

Picture
© 2020 Selective Insurance Group, Inc.
User Agreement
​Community Guidelines
​
AdChoices
CCPA Request 
Privacy
Contact
Visit our main web site at: selective.com or follow us:

© 2020 Selective Ins. Group, Inc., Branchville, NJ. Products vary by jurisdiction, terms, and conditions and are provided by Selective Ins. Co. of America and its insurer affiliates.
Details at selective.com/about/affiliated-insurers.aspx
Picture
Picture
  • Business
  • Auto
  • Home
  • Digital Toolbox
    • LinkedIn Best Practices
  • Flood
    • Hurricane Preparedness
  • Infographics
  • Prep Guides
    • Coronavirus Information
    • Spring Maintenance Guide
    • Fire Prevention & Safety
    • Winter Preparation For Your Home
    • Winter Preparation For Your Business
    • Winter Preparation For Your Vehicle
    • Hurricane Preparation