Nearly 25% of Gainesville, FL lies in a FEMA-designated flood zone, but the risk of flooding extends to almost every part of town. Carrying flood insurance can help mitigate the damage, but it’s important to choose a policy carefully. Understanding covered perils, inclusions, exclusions, and other factors will help you prepare your business for a worst-case scenario.
Factors to Consider When Selecting Flood Insurance
Coverage Limits
If you own a large or expensive commercial building, sell high-value items, or have costly business assets, it’s essential to ensure your flood insurance policy has a high coverage limit. If your current policy doesn’t meet your needs, consider adding umbrella insurance to fill the gap.
Deductible Limits
Choose your deductible carefully. If it’s too high, you could face significant out-of-pocket costs in the event of a flood. If it’s too low, you may end up paying more than necessary for your flood insurance policy. To strike the right balance, consider how much you can afford to pay upfront in the event of a natural disaster and set this amount as your deductible.
Pairing Flood Insurance with Other Policies
Commercial flood insurance likely won’t cover all flood-related issues your business may face. Pairing it with other policies can provide more comprehensive protection. For example, a business interruption policy can cover lost revenue during a flood. If your business owns vehicles, comprehensive vehicle insurance can ensure they’re covered in the event of flood damage.
Contact Peninsula Underwriters Insurance Agency for Expert Guidance
At Peninsula Underwriters Insurance Agency, we understand the unique needs of businesses across various industries and sizes. We work with business owners in Gainesville, FL, to help them select coverage that fits their needs and budget. Contact us today to learn more or to get price quotes on the policy that’s right for you.
