State law doesn’t require Raleigh, NC business owners to purchase flood insurance. However, if you took out a loan to buy a commercial property, your lender will require that you carry this type of insurance. This is especially true if your business is in a part of the city that has a moderate to high flood risk. Raleigh is prone to flooding when heavy rains cause creeks and riverbanks to overflow their banks, and regular home and business insurance won’t cover flood-related loss or damage.

What’s Covered by a Commercial Flood Insurance Policy?

Commercial flood insurance covers damage to your business structure. This includes the roof, walls, foundation, plumbing, electrical wiring, and large appliances. Commercial flood insurance also covers your business equipment, inventory, furniture, and other assets stored on the premises. Additionally, it can cover the cost of cleaning your business after a flood and even provide compensation for upgrades you make to prevent future flooding. However, it doesn’t cover commercial vehicles or business assets stored on your premises. It also won’t cover the loss of important papers.

Commercial flood insurance also covers home-based entrepreneurs who store business assets inside their homes. A residential flood insurance policy will compensate for damage to the house and appliances, but it won’t cover business assets or inventory in the house. If these items are valuable and difficult to replace, you may want to consider purchasing a residential and commercial flood insurance policy.

Call Craig Insurance Group for More Information

Craig Insurance Group specializes in helping Raleigh, NC, business owners from a wide range of industries find commercial flood insurance that meets their needs and budget. Call us to learn more about your policy options or to get a quote on a specific policy.