Flood Insurance: Is Your Organization Covered?

flood insurance for nonprofits and social services organizations

Source: winnond via Freedigitaphotos.net

With the wake of Superstorm Sandy still fresh in our minds, we’re all thankful that no tropical storms or hurricanes have made landfall in New England so far this season. Last year’s storm was a reminder of the sad fact that about 40 percent of businesses are never able to fully recover after a flood.

Why are so many forced to permanently close their doors following a flood? The answer is simple – most commercial property insurance policies exclude flood coverage, and unfortunately, many policy holders are unaware of this. And in other cases, the thought of flood protection may not even cross one’s mind simply because the property isn’t within a designated flood zone. But as FEMA reminds us, flood waters move quickly and can stretch for miles, causing much devastation and creating a risk for everyone.

If you have yet to do so, now is as good a time as any to go ahead and incorporate flood insurance into your business or organization’s risk management plan. Flood insurance can offer valuable protection for businesses and organizations by covering the following:

– The insured building and its foundation
– Electrical and plumbing systems
– Heating and air equipment
– Appliances such as stoves and refrigerators
– Water heaters
– Permanently installed paneling, bookcases, etc.
– Permanently installed carpeting (over an unfinished floor)
– Debris removal
– Window blinds

Other items included under a commercial flood insurance policy can include personal property such as electronics, portable air conditioning units, and valuables such as original artwork. It’s important to note that flood insurance typically doesn’t cover items such as currency, property and belongings outside of the building, financial loss due to business interruption, and moisture damage that could have been avoided. Add-ons, however, can often be including in your insurance policy to cover these and other special items.

Without flood insurance, would your organization or business be able to recover quickly and get back to providing the services your community depends on? Would your organization be able to reopen in a timely manner without suffering a tremendous financial loss? If you would rather be able to answer these questions with confidence, contact the professionals at Lamb Financial Group today and let us assist you in making sure your organization or business is protected from flooding and other disasters. Call us for more information at 1-866-481-5262 or request a quote online today.

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