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Melting snow and rains are already causing flooding across the country and if you own a business, you should make sure you have flood insurance.

According to theInsurance Information Institute (I.I.I.), standard business insurance policies provide coverage for disasters such as fire, lightning, hurricanes and winter-related damage including burst pipes, but flood damage is not included. Flood insurance is available through the federal government’s National Flood Insurance Program (NFIP). To purchase flood insurance, your business must be located in a community that participates in the NFIP. Fortunately, most communities do participate and flood insurance is readily available.

Coverage limits for a standard flood policy are $500,000 for the business structure and $500,000 for the business contents; coverage for structure and contents is provided on an actual cash value basis (i.e., the replacement cost of an insured item at the time of loss, less the value of depreciation). Deductibles range from $500 to $1,000, depending on the policy you buy. Generally, if you buy a policy for a business located inside a floodplain (any area susceptible to being inundated by floodwaters), the deductible is $1,000, unless mitigation measures have been taken to protect the building.

Bottomline: It’s all about risk management. Protect your business just in case.

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