Commercial Flood Insurance in Massachusetts

What is Commercial Flood Insurance?

Businesses invest a lot in their properties, buildings and other assets, and they need to protect those investments. While commercial property insurance offers protection against many perils, most commercial property policies exclude flood damage. Commercial flood insurance can help protect Massachusetts businesses from covered flood damage.

Commercial flood insurance is a specialized form of flood coverage. These policies are distinguished from other flood policies that offer personal coverage for individuals’ property and other assets.

What Businesses Need Business Flood Insurance Policies?

Many businesses in Massachusetts may want to purchase business flood insurance. Businesses in areas where floods are common may need the coverage to protect their assets, and they might even be legally required to carry coverage. Businesses in areas where floods occur infrequently may find that coverage is highly affordable and is a cost-effective way to mitigate a small, but potentially costly, risk.

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Commercial Flood Insurance Massachusetts

Can Businesses Procure Business Flood Insurance Through the NFIP?

The National Flood Insurance Program is available to both individual and businesses in high-risk areas. In order to purchase a business flood insurance through the program, businesses must have facilities in a participating community. Most communities in Massachusetts that have lots of flooding participate, though.

For businesses that can take advantage of the NFIP, this is usually the most affordable way to get protection against flooding. Businesses that can’t get coverage through the NFIP usually have to purchase a non-subsidized policy on the private marketplace if they want protection.

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What Types of Incidents Does Business Flood Insurance Cover?

Business flood policies generally cover a variety of incidents that are caused by unusual water patterns. Covered incidents might include abnormal waves, mudflows and mudslides, along with floods themselves. (Exact coverages can vary.)

Do Commercial Flood Policies Offer Business Interruption Coverage?

Most commercial flood policies don’t include business interruption coverage, which may help a business pay ongoing expenses while recovering from a covered claim. Businesses that want or need this coverage should speak with a knowledgeable insurance agent who specializes in commercial policies. An agent who knows both commercial flood and business interruption policies will be able to provide advice on how to get this type of protection.

Commercial Flood Insurance Massachusetts

Can Disaster Relief Funds Be Used to Recover from a Flood?

When they’re made available, disaster relief funds normally can be used by businesses to recover from floods and other disasters. There are a couple of reasons why businesses shouldn’t rely on these funds along, though.

First, disaster relief funds are only made available when the president declares a natural disaster to be a national emergency. Only a small percentage of disasters are ever acknowledged as such by the president.

Second, disaster relief funds that are made available typically are given out at interest-free loans. Thus, any of these funds used by businesses eventually must be paid back.

In contrast, commercial flood policies offer financial help for covered claims regardless of how many other people those claims affect. Additionally, the funds provided by policies for covered claims normally don’t need to be paid back. They’re insurance payments and not loans.

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How Can Businesses in Massachusetts Get Commercial Flood Insurance?

For help finding commercial flood insurance that’ll protect your Massachusetts business, contact the experienced and independent insurance agents at Scotti Insurance Agency. Our agents are familiar with commercial policies, so they can make informed coverage recommendations when you need some advice. They also are independent, which lets them show you the best available policies regardless of what insurance company offers them.

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