For businesses
For a business, the building is usually the smaller loss. Inventory, equipment and the weeks of lost revenue are the larger one.
Quote my businessA closed business loses more than the building is worth.
A commercial flood claim that pays to rebuild the structure but nothing for the closure can still put a business under. Rent, payroll and loan payments continue whether or not the doors are open.
Business income coverage pays those continuing costs plus the profit the business would have earned during the restoration period. It is usually the difference between a disruption and a closure.
The coverage limit is based on an estimate of the restoration period, not a fixed schedule. That estimate is worth getting right, because a six-week rebuild that takes six months is where underinsured businesses fail.
Yes, if you lease the space. Contents-only commercial flood coverage is common for tenants.
It is based on the projected loss of income and continuing expenses over the expected restoration period.
Not usually. That is inland marine or a separate property floater.
The structure, and often improvements you made to a leased space.
Stock, raw materials, machinery and furniture.
The revenue you lose and the fixed costs you still owe while closed.
The cost of operating from a temporary location to keep revenue flowing.
Tell us about the locations and the values at risk.
