Should You Buy Flood Insurance Online for Your Business?

Are you trying to decide whether to buy flood insurance online for your business?

Buying insurance is a great way to protect your business from the risks posed by weather and flooding. For example, a small business in a designated flood zone will pay approximately $5,000 each year for $250,00 in coverage for your building and $100,000 for its contents.

Only insurance agents are licensed to sell flood insurance to the public from the National Flood Insurance Program (NFIP). So how do you know you’re getting the right coverage and is it worth buying in the first place?

Read on to learn about why you should buy flood insurance online today!

Protect Your Business

Deciding not to buy flood insurance can pose a serious risk to your company.

In 2018, the average flood insurance claim in the United States was $42,580! This is a large cost that could be devastating to a small business owner if they had to cover it all out of pocket. 

Commercial flood insurance is worth considering as you weigh the out of pocket cost against the threat of loss to your company.

Evaluate the Risks

Arguably the most important thing to consider when it comes to commercial flood insurance is where your business is located.

In the United States, the Federal Emergency Management Agency (FEMA) designates certain areas throughout each city and state as flood zones. For some risk-averse business owners, being in a flood zone may be enough to purchase flood insurance.

But for other entrepreneurs, they may want to dig a little deeper to learn about where their business is in the flood zone. Certain portions of a flood zone require property owners to buy insurance, while other areas make it optional to obtain coverage. 

Ease of Use Online

In today’s digital world, the easiest way to buy flood insurance coverage is to arrange to buy it online!

Since you can only buy flood insurance through a licensed agent, the more time-consuming choice is deciding who to buy coverage from. By spending time learning about a prospective agent, you will have a better sense of if he or she is the person who deserves to earn your business. 

Speak to prospective insurance agents about their business and how they serve the interests of their customers. Once you pick the best agent for you, complete your flood insurance purchase over the internet to bind coverage fast!

You Should Buy Flood Insurance Online to Protect Your Business

Buying flood insurance is an easy way to give yourself peace of mind as a business owner. 

But before you decide to buy flood insurance online, you should gauge the threat of a flood at your business against the costs of buying coverage. If you are a conservative business owner, you may be willing to buy flood insurance even if the relative risk of flooding is low.

After all, if your business is uninsured and damaged by a flood, you may suffer downtime and lost revenue that your company cannot recover from. Insurance allows you to hedge threats to your business by being ready for the unexpected!

Check out our blog posts for other helpful tips and tricks for your business!