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Flooding is one of the most common and costly natural disasters, and it can strike anywhere. Your business doesn’t even have to be on the coast or near a river. As seen on the news, flash floods can cause damage anywhere, even in areas that rarely experience heavy rain!

As standard property insurance policies don’t usually cover flood-related damage, commercial flood insurance can be a good investment for many businesses. 

What Is Commercial Flood Insurance?

Commercial flood insurance provides financial protection for businesses against physical damage caused by flooding. This typically includes coverage for the building itself, its foundation and utility systems, as well as permanently installed fixtures. Many policies also cover the replacement of inventory, furniture and other essential equipment damaged by floodwater.

Do I need Commercial Flood Insurance?

Even an inch of water can cause tens of thousands of pounds in damage to a commercial property. Without proper insurance cover, businesses could risk facing huge unexpected costs, and have to embark on a long journey to get the business back to where it was before the flood occurred. Flood insurance helps business owners repair, rebuild and replace critical assets more quickly, thereby helping minimise downtime and revenue loss.

Supporting business continuity

Some commercial flood insurance policies also include cover for temporary relocation costs. This means your business may be able to move into alternative premises whilst your original site is being dried out, cleaned and made safe again. Having the ability to continue operations, even from a temporary location, helps make sure you can continue to serve customers, generate revenue and keep your business reputation strong during the recovery period.

What type of businesses need Flood Insurance?

Any business located in a flood-prone area should strongly consider commercial flood insurance. However, as flooding can happen far beyond designated flood zones due to unexpected weather patterns, poor drainage systems or burst water mains, it could be a wise investment for any business – as no one knows what tomorrow might bring. 

If you’re not sure whether you need Commercial Flood Insurance, just give Prizm Solutions a call.  We’ll take the time to find out more about your business, then talk through your options to allow you to make an informed decision. There’s no pressure to buy - we’re simply here to answer your questions and share useful information so you can decide what’s best for your business.

We can help with many other business insurance needs too, whether that’s cyber insurance, environmental liability insurance, management liability insurance, public liability insurance or legal expenses insurance. 

We also offer Residential Flood Insurance to protect your home and personal belongings too. 

Just contact us, we’ll be happy to help.