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A Helpful Guide to Commercial Water Damage and Insurance Coverage

1/10/2019 (Permalink)

Commercial A Helpful Guide to Commercial Water Damage and Insurance Coverage Commercial water loss in La Habra, CA

A Helpful Guide to Commercial Water Damage and Insurance Coverage

A commercial insurance policy can provide both peace of mind and enhanced financial security. However, water damage can be a tricky dilemma that may not be adequately covered under every plan. To help avoid a potentially costly out-of-pocket water cleanup, it’s essential for you to understand the terms of your current coverage. To help safeguard your La Habra, CA, business from a variety of water-based disasters, you may need to evaluate several key insurance options.

1. Commercial Property Insurance

Possessing a property protection policy is an essential element of any efficient business strategy. Although most plans cover fire and storm damage, many include specific limitations regarding losses caused by water infiltration.

Although coverage varies, most policies offer protection from broken pipes and internal leaks. Unfortunately, water damage caused by sewer backups and external flooding are often excluded from many commercial insurance plans.

2. Supplemental Coverage Options

If your current property coverage does not cover flood and sewage destruction, you may have to fund cleanup and restoration costs out-of-pocket. To help avoid this potentially expensive dilemma, you should consider purchasing a supplemental plan that helps safeguard your investment from floods and sewer seepage.

3. A Business Owners Policy

Many small businesses may also benefit from a business owners policy that offers essential property insurance, liability and additional options, such as income and equipment breakdown coverage, in one convenient package. Like other contracts, you should carefully review and evaluate terminology to ensure any proposed BOP provides adequate protection against broken pipes, sewer leaks and flooding, and purchase supplemental coverage if necessary.

Storms can be unpredictable, and aging infrastructure may become increasingly vulnerable to cracks and leaks. Because of these circumstances, avoiding water damage can be extremely challenging. A comprehensive business insurance policy may be the best way to safeguard both your building and financial security. However, it’s important to recognize that destruction can arise from numerous sources and adjust your coverage accordingly.

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