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When starting a business, there are a number of significant risks that the owner of the company is taking on. One of the risks that is often overlooked is the damage that could be caused by a flood. Commercial flood protection is one of the most important types of policies that can be purchased for a business. This type of coverage helps ensure that the company will be able to open its doors again if it ever suffers from major flood damage.
Many business owners never take into consideration how damaging a flood can be to their businesses. Just an inch or two of water could cause tens of thousands of dollars in damage to a business. It can completely destroy the flooring, damage the walls, rot the drywall, and damage office furniture. It could ruin files inside filing cabinets, and even lead to mold in certain areas. Many business owners mistakenly believe that flood damage would be covered by their regular insurance policy. In reality, unless the flood came from broken pipes inside the building, it would not be covered. This means that business owners have to think about other ways to protect themselves from this type of damage.
Buying Commercial Flood Protection
In order to mitigate against this risk, business owners can purchase commercial flood insurance. This type of insurance is available through the National Flood Insurance Program (NFIP). This is a government program that makes flood insurance possible, however, it is sold through normal insurance companies.
When a policy is purchased, it usually takes about 30 days for it to take effect. This means that business owners should purchase this type of policy as soon as possible, so that they can be covered from potential flood damage. In order to have access to flood insurance, a community must participate in the NFIP. This requires it to meet government guidelines for inclusion.
Working in Conjunction With Other Policies
Although flood insurance is definitely important to have, it is not the only type of coverage that a business should have. There is also the possibility of other types of water damage coming into play. If a water pipe inside the building breaks, a toilet overflows, or a sewer line backs up, there is a chance that significant damage could be done. For these types of damages, flood insurance would not provide any coverage. This is why it is so critical for a business owner to have a regular insurance policy covering his place of business as well as flood insurance.
Once a flood insurance policy has been purchased, the owner of the business can then start focusing on the things that really can have an impact on profit for his business.
For 15 Years Kevin Williams has restored flood damaged properties from domestic dwellings to commercial factories.In 2010 He set up Floodsense offering his expertise in Flood Prevention Techniques, Systems and Services.For a free E-book and further info on Commercial Flood Protection, professional advice on Flood Prevention from a leading UK flood protection company visit http://www.floodsense.co.uk
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