Even in areas of New Jersey unaccustomed to flooding, businesses, like homes, are sometimes seriously damaged by floods. While Property Liability Insurance typically covers plumbing leaks, it doesn’t provide coverage for flooding caused by natural disasters, such as hurricanes or nor’easters. For this reason, smart business owners in Red Bank and throughout Monmouth County contact Blue Lion Insurance Adjusters, LLC to inquire about whether they need Flood Insurance and what the best policy is to suit their needs.
Our experienced, knowledgeable team can help to make sure that you have adequate coverage for flooding that, however unexpected, may cost your company a great deal of time and money in replacement and repair, and lost income. Unless you have appropriate Flood Insurance to provide you with the resources to get your business up and running quickly, your customers or clients may look elsewhere for the goods or services you normally provide.
How Flood Damage Is Defined
Flood damage is defined by the Federal Emergency Management Agency (FEMA) as a “general and temporary condition where two or more acres of normally dry land or two or more properties are inundated by water or mudflow.” In mapping areas designated as flood zones, FEMA and private insurers refer to topographical maps to zero in on lowlands, flood plains (near adjacent waterways), and floodways (channels that carry flood waters).
It’s important to note that many areas that were not previously categorized as prone to flooding are being increasingly inundated during storms. As a matter of fact, according to FEMA, flooding is the most common natural disaster and approximately 20 percent of flood claims are filed by individuals and businesses with property in areas considered at moderate or low-risk for flooding.
How Blue Lion Insurance Advisors, LLC Will Help You Get the Best Flood Insurance for Your Business
Our team is well-informed about the Flood Insurance needs of commercial property owners and renters in New Jersey. Because we are well aware that most standard Commercial Package Policies (CPP) or Business Owners Policies (BOP) do not cover damage from flood water, Blue Lion Insurance Adjusters can help you obtain the Flood Insurance you need, taking into account the size of your business, your inventory, your number of employees, and your precise location.
The National Flood Insurance Program (NFIP)
NFIP offers Flood Insurance to businesses throughout the country, regardless of their location and level of risk. NFIP is essential to many businesses, especially those at such high-risk that some private insurers may refuse them coverage or will refuse to reinsure them after a large claim. On the other hand, for many business owners throughout New Jersey, private flood coverage has several advantages, such as:
- It is likely to provide considerably more coverage for contents lost in a flood
- It requires a much shorter waiting period to kick in after the event
- It will generally pay for business interruption coverage to replace lost income
- It will reimburse you for protecting your business property with “avoidance coverage,” such as sandbags or other barriers you put into place in advance of a storm
Blue Lion Insurance Advisors, LLC can help clarify the details of types of Flood Insurance and to determine which is more useful and cost-effective in your particular case.
What Business Flood Insurance Covers
Depending on which Flood Insurance you invest in, and whether it is generated by NFIP or a private company, the following coverage may be available:
Building coverage can pay the cost of rebuilding or replacing such things as:
- Structure and foundation
- Electrical and plumbing systems
- Central air-conditioning equipment
- Solar energy equipment
- Furnace and water heaters
- Permanently installed cabinets
- Removal of debris
Contents Coverage, on the other hand, can reimburse for:
- Electronic devices (e.g. computers, iPads)
- Portable air conditioners
- Portable microwaves
- Portable dishwashers
- Curtains or window shades
- Office Furniture
- Removable bookcases
- Removable filing cabinets
Business Interruption (Loss of Use) Coverage may cover up to a year of:
- Rental of a temporary workplace
- Storage space for salvaged furnishing or merchandise
- Replacement of inventory
- Office equipment and supplies
- Lost income, money for payroll and taxes
At Blue Lion Insurance Advisors, LLC, we are compassionate, knowledgeable, experienced and efficient. We understand how much emotional turmoil and financial hardship is created when your business is flooded. We also realize that commercial claims of any kind generally move forward at a slower pace than personal claims, because they are more complex and require a longer period of investigation by the insurer. We are committed to assisting you not only in setting you up with the right Flood Insurance policy but to intervening on your behalf if the insurer unreasonably delays payment.
The next step is easy!
Call us today at (732) 649-1600 to learn how our advisors could get you the right coverage, at the right price, and superior service. You can also Request A FREE Insurance Quote on our site or Contact an advisor for more information.
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