Understanding Commercial Flood Insurance

Florida is no stranger to floods.  With flash floods and adverse weather, you need to make sure your business is protected with the right type of commercial flood insurance.  Many business owners are not aware of the fact that their commercial property and contents insurance specifically excludes flood damage.  This means that any damage that is caused by a flash flood or the run off of water will be denied by your standard business insurance.  Understand how to find commercial property insurance that will cover floods and make sure you are protected under all circumstances.

Finding a Flood Insurance Program

Several different insurance agencies in Florida offer a flood insurance program designed for commercial property and contents.  This specialized insurance plan is offered throughout the state and each area is categorized as a flood “zone”.  If your property is in an area that is more prone to flooding, you will be in a higher premium zone.  The policy may not pay for all of the damages sustained but it will reduce your risks and the amount you will have to pay out-of-pocket substantially.

What is Covered?

There are two different types of commercial flood insurance.  One plan will cover the building and the other will cover the contents in the building.  Contents are usually defined as anything that is not permanently fixed to the structure.  Here is a breakdown of what is covered for deeper understanding:

Building

*  The building listed and the foundation of the building
*  Plumbing
*  Electrical
*  Furnaces and water heaters
*  Built-in appliances
*  Permanent flooring
*  Cabinets, counter tops, and fixtures
*  Windows
*  Detached buildings up to 10 percent of building cover
*  Removal of debris caused by flood

Contents

*  Business property like furniture and computer equipment
*  Window treatments
*  Portable appliances
*  Area rugs
*  Some valuable items up to the limits listed
*  Merchandise onsite
*  Merchandise in storage up to a limit

What is Not Covered?

Some items are not covered under your flood insurance policy.  It is important to understand what exactly is excluded so you can prepare if you have to file a claim.  FloodedHere are some things that are not covered:

*  Mildew and mold damage that was preventable
*  Money and precious metals
*  Trees and plants around the insured property
*  Property expenses to temporarily relocate
*  Business interruption or loss of use
*  Vehicles and their parts

You should understand the basics before you ever rule out the importance of carrying commercial flood insurance.  Do not wait until hurricane reports hit the web because insurance companies will put a moratorium on insurance until the risk no longer exists.  If you prepare ahead of time and you hear of a hurricane or the chances of a flash flood, you do not have to worry about whether or not your business will be damaged.  Meet with an experienced commercial agent selling flood insurance and build a policy that suits all of your needs.

For current rates and ways to save money on insurance, Tampa Bay area business owners in need of adding commercial flood insurance to their commercial insurance policy should call Mid Florida Insurance Professionals at (813)  962-3082 for a quick quote and excellent rates on all commercial insurance plans.

 

Buying Commercial Flood Insurance in Tampa Florida

Commercial flood insurance in Florida is available through insurance agencies that offer policies to commercial enterprises. Just like residential property owners, commercial business owners may be required to purchase flood insurance if they are in a flood zone and have a mortgage on their property. Even if a business owns their building and property outright, it is usually a wise business decision to purchase flood insurance.
Flooded BusinessIn Florida, like in all other states, commercial flood insurance is sold through the National Flood Insurance Program (NFIP). Insurance agencies may include the flood insurance policy as part of an overall commercial insurance policy or they may sell the policy on its own. FEMA sets the rates and enforces the rules of each policy. All rates for flood coverage are the same for the same amount of coverage. It does not matter from which Florida insurance company a business chooses to purchase their flood insurance
While all Florida insurance companies must charge the same amount for protection from flooding, they may charge different rates for other types of business insurance. Thus, it is very possible if a business bundles their commercial coverage – property damage, liability, Key Man and so on – the rates paid can vary substantially from one insurer to another
Standard policies usually have a 30 day waiting period before they take effect. When you purchase a policy, it will cover most physical damage to the actual physical structure as well as damage to the personal contents within the structure. Examples of typical coverage for the physical structure include the insured building and its foundation and the electrical and plumbing systems. Personal contents that are usually covered include such things as office furniture and electronic equipment.
Policies do not normally cover damage caused by mildew, mold or moisture that the owner could have prevented. They also do not usually cover losses due to business interruption or the loss of use of insured property.
Following is an example of the rates charged for Florida Commercial Flood Insurance. The premiums for $200,000 of Building and $100,000 of Contents coverage as of October 1, 2011 were $2,713 annually. The maximum amount of coverage available through the NFIP is $500,000 for the building and $500,000 for the building’s contents.
For current rates and ways to save, business owners in the Tampa Bay area in need of adding commercial flood insurance to their commercial insurance policy should call Mid Florida Insurance Professionals at (813) 962-3082 for a quick quote and excellent rates on all commercial insurance plans.
Commercial flood insurance in Florida is available through insurance agencies that offer policies to commercial enterprises.  Just like residential property owners, commercial business owners may be required to purchase flood insurance if they are in a flood zone and have a mortgage on their property. Even if a business owns their building and property outright, it is usually a wise business decision to purchase flood insurance.
In Florida, like in all other states, commercial flood insurance is sold through the National Flood Insurance Program (NFIP). Insurance agencies may include the flood insurance policy as part of an overall commercial insurance policy or they may sell the policy on its own.   FEMA sets the rates and enforces the rules of each policy.  All rates for flood coverage are the same for the same amount of coverage. It does not matter from which Florida insurance company a business chooses to purchase their flood insurance.
While all Florida insurance companies must charge the same amount for protection from flooding, they may charge different rates for other types of business insurance. Thus, it is very possible if a business bundles their commercial coverage – property damage, liability, Key Man and so on – the rates paid can vary substantially from one insurer to another.
Standard policies usually have a 30 day waiting period before they take effect.  When you purchase a policy, it will cover most physical damage to the actual physical structure as well as damage to the personal contents within the structure.  Examples of typical coverage for the physical structure include the insured building and its foundation and the electrical and plumbing systems. Personal contents that are usually covered include such things as office furniture and electronic equipment.
Policies do not normally cover damage caused by mildew, mold or moisture that the owner could have prevented. They also do not usually cover losses due to business interruption or the loss of use of insured property.
Following is an example of the rates charged for Florida Commercial Flood Insurance. The premiums for $200,000 of Building and $100,000 of Contents coverage as of October 1, 2011 were $2,713 annually.  The maximum amount of coverage available through the NFIP is $500,000 for the building and $500,000 for the building’s contents.
Commercial flood insurance in Florida is available through insurance agencies that offer policies to commercial enterprises. Just like residential property owners, commercial business owners may be required to purchase flood insurance if they are in a flood zone and have a mortgage on their property. Even if a business owns their building and property outright, it is usually a wise business decision to purchase flood insurance.
In Florida, like in all other states, commercial flood insurance is sold through the National Flood Insurance Program (NFIP). Insurance agencies may include the flood insurance policy as part of an overall commercial insurance policy or they may sell the policy on its own. FEMA sets the rates and enforces the rules of each policy. All rates for flood coverage are the same for the same amount of coverage. It does not matter from which Florida insurance company a business chooses to purchase their flood insurance.
While all Florida insurance companies must charge the same amount for protection from flooding, they may charge different rates for other types of business insurance. Thus, it is very possible if a business bundles their commercial coverage – property damage, liability, Key Man and so on – the rates paid can vary substantially from one insurer to another.
Standard policies usually have a 30 day waiting period before they take effect. When you purchase a policy, it will cover most physical damage to the actual physical structure as well as damage to the personal contents within the structure. Examples of typical coverage for the physical structure include the insured building and its foundation and the electrical and plumbing systems. Personal contents that are usually covered include such things as office furniture and electronic equipment.
Policies do not normally cover damage caused by mildew, mold or moisture that the owner could have prevented. They also do not usually cover losses due to business interruption or the loss of use of insured property.
Following is an example of the rates charged for Florida Commercial Flood Insurance. The premiums for $200,000 of Building and $100,000 of Contents coverage as of October 1, 2011 were $2,713 annually. The maximum amount of coverage available through the NFIP is $500,000 for the building and $500,000 for the building’s contents.
Commercial flood insurance in Florida is available through insurance agencies that offer policies to commercial enterprises. Just like residential property owners, commercial business owners may be required to purchase flood insurance if they are in a flood zone and have a mortgage on their property. Even if a business owns their building and property outright, it is usually a wise business decision to purchase flood insurance.
In Florida, like in all other states, commercial flood insurance is sold through the National Flood Insurance Program (NFIP). Insurance agencies may include the flood insurance policy as part of an overall commercial insurance policy or they may sell the policy on its own. FEMA sets the rates and enforces the rules of each policy. All rates for flood coverage are the same for the same amount of coverage. It does not matter from which Florida insurance company a business chooses to purchase their flood insurance.
While all Florida insurance companies must charge the same amount for protection from flooding, they may charge different rates for other types of business insurance. Thus, it is very possible if a business bundles their commercial coverage – property damage, liability, Key Man and so on – the rates paid can vary substantially from one insurer to another.
Standard policies usually have a 30 day waiting period before they take effect. When you purchase a policy, it will cover most physical damage to the actual physical structure as well as damage to the personal contents within the structure. Examples of typical coverage for the physical structure include the insured building and its foundation and the electrical and plumbing systems. Personal contents that are usually covered include such things as office furniture and electronic equipment.
Policies do not normally cover damage caused by mildew, mold or moisture that the owner could have prevented. They also do not usually cover losses due to business interruption or the loss of use of insured property.
Following is an example of the rates charged for Florida Commercial Flood Insurance. The premiums for $200,000 of Building and $100,000 of Contents coverage as of October 1, 2011 were $2,713 annually. The maximum amount of coverage available through the NFIP is $500,000 for the building and $500,000 for the building’s contents.
 

Why Bother With Commercial Flood Insurance?

Commercial Flood Insurance in Florida

If you run a business, it is almost a given that you have basic property insurance. Few business owners, after all, have enough cash on hand to pay to completely rebuild a business from square one, and those that do are smart enough to know that a good insurance policy will not let them do so. If you live in Florida, you are also probably aware that a great deal of the damage that can strike your building is likely due to the state’s famous weather. As such, it might be time that you consider purchasing commercial flood insurance for your business properties.

It might come as a surprise to you, but basic property insurance does not cover flood damage. There are a number of reasons for this, but the most realistic is simple – deep down, no one really wants to pay for water damage. Water damage is insidious, quick to occur, and most of all expensive to repair.

It is no wonder, then, that a typical insurance policy will not cover a flood – it would not take very much damage for the policy to become maxed out after a single incident. As such, it is important to make sure that you purchase separate flood coverage. Not only will this coverage help you to make sure that your business is covered in the event of water damage, but the knowledge that you have it can help you to speed along your business’ recovery.

It may have been some time since a major hurricane devastated areas of Florida, but those that have lived through the storms know that the damage from flood waters is every bit as a bad as the wind. If you want to make sure that your investments stay safe, you really owe it to yourself to take a look at commercial flood insurance. While it does signify yet another cost of doing business, it is one cost that no Florida business owner should ignore. After all, it is the one type of policy that can help you to put your business back together when the waters once again go out of control.

Business owners in the Tampa Bay area in need of adding commercial flood insurance to their commercial insurance policy should call Mid Florida Insurance Professionals at (813) 962-3082 for a quick quote and excellent rates on all commercial insurance plans.

 

Commercial Property and Casualty Insurance Policies

Uncertainty is one of the leading factors that results in property and business owners choosing to purchase the various insurance policies available in Florida. There are a number of benefits that business and individuals can enjoy by purchasing commercial property and casualty insurance policies. There are various insurance companies that offer this service to clients in Florida. Insurance is a perfect risk management tool that ensures that the risks are transferred from one entity to another depending on the terms of the policy signed between the parties Casualty insurance generally encompasses insurance against accidents and includes compensations due to damages caused by these accidents.

Commercial Property Insurance for Tampa

This kind of insurance is not necessarily tied to a specific property. A business can purchase a crime insurance policy which is one of the casualty insurance available in Florida. This kind of insurance covers the business from any losses that may occur due to criminal activities such as theft. Political risk insurance is another kind of casualty insurance that aims at protecting the business and property from any political risks such as unrest that may affect the operations of the business negatively. Commercial property insurance also encompasses all the risks that the property is exposed to, for example theft, fire and extreme weather conditions.

There are a number of insurance forms in this category that property owners can choose to use to protect the business. This includes Landlord insurance that aims at covering all the risks that residential and commercial properties are exposed to. However many of the home owner insurance policies only cover the homes that are occupied by the owner unless under specific conditions. Earthquakes have caused a lot of damage property in the recent past. There is an earthquake insurance that can protect the property from any event of earthquakes evident. The rates of the policies usually depend on the location of the commercial property and the construction patterns of the home.

Flood insurance protects property from any loss that may occur as a result of flooding in the region however this form of insurance is provided by National Flood Insurance Program in the US. Commercial property insurance such as the home owner insurance includes a liability coverage that covers all the legal claims that may face the insurer. Public liability insurance provides room for the commercial property and casualty insurance policies to cover business and organizations against any legal claims in instances where the activities of the business harm an individual or property damage.

Environmental liability insurance protects the policy holder from damage of property that may result from environmental factors such as pollution, earthquakes and floods. The policy adopted by an individual or an organisation should fully cover the property or business from all risks that may take place. A commercial property for example may be affected by interruption in the world markets such as inflation. To cater to this there is the business interruption insurance that cover the business from any loss of income in the process of carrying out its operations.

Find Out More About Acquiring Commercial Property Insurance for Your Business

Mid Florida Insurance Professionals
4602 W. Lamb Ave.
Tampa, Florida 33629
Phone: (813) 962-3082

 

Commercial Property Insurance: Why is it Necessary?

Commercial Property Insurance Can Save Your Business

Properly insuring your small business can mean the difference between prosperity and catastrophe. Choosing the right policy will protect your livelihood from fire, flood, tornado and a host of other devastating events. While the thought of paying a monthly premium may have some tightening their purse strings; investing in a quality commercial property insurance plan can save thousands, or even millions, of dollars.

Whether you rent or own, choose a comprehensive plan that meets the needs of your business. There are several different types of policies available, depending on the scope of the company and the location. Research your options carefully to ensure you are getting the best coverage. If your business is in a flood, earthquake or hurricane zone, make certain that your policy includes those additions. A crime addendum may also be offered to protect against theft or damage.

Basic commercial property insurance will typically cover common issues, such as fire or lightening. This type of plan is usually very narrow in reach and may be best for small companies that cannot afford a more comprehensive policy. For protection against water damage from sprinkler systems, rain or snow you will need to upgrade to a broad insurance plan. For complete coverage, drafting a special form policy is the best choice. This will allow you to customize the exact protection you need at a rate that fits your budget. Another benefit for this option is you will not be paying for services that are not applicable to your situation. Speak with an insurance provider for more information about the individual add-ons available.

The pay-outs for an insurance claim depend on the specific company’s regulations. The majority of claims will be reimbursed with the actual cash value of an item, the cost of a replacement, or a combination of the two. Contact your insurance agent if you have any questions about how the monetary value is set on your items. Replacement cost coverage is typically more expensive than a plan that only pays the actual cash value. However, your company will receive more money in the event of a disaster.

By shopping around for the best coverage at a rate that fits your budget, you will find a commercial property insurance company that best fits the needs of your business. The cost of a monthly payment is a small amount to invest for the peace of mind and protection of your establishment. Call our Tampa commercial insurance professionals at (813) 962-3082 and let us help.