Commercial Flood Insurance for South Florida Businesses
South Florida Business owners are usually more responsible than homeowners when it comes to getting flood insurance. They are trained to prepare for the worst because they’ve invested tens of thousands of dollars in their operations.
However, it’s possible to be lacking in coverage and fail to deliver the best results. How much coverage do you have? How highly is your carrier rated? Are you covered at all?
Did you know most commercial property insurance policies do not include flood damage coverage?
Now that hurricane season 2019 is upon us in South Florida, it’s time to review the commercial flood insurance policy that is protecting (or not protecting) protect your business.
The Importance of Commercial Flood Insurance in Florida
The 2017 season brought an unprecedented Category 5 storm that caught most Florida business owners and residents off guard. After Hurricane Irma struck Florida, more than 60,000 claims on damaged commercial properties were opened. There were thousands of claims for business interruption insurance to keep the businesses operating as usual. Storm surge went to record levels as well. Although most of these claims are closed eventually, the residual effects are long lasting.
Hurricane Wilma in 2005 brought winds of 125 MPH, a major storm surge and flooding which caused major damage to the South Florida FPL power grid, stripping thousands of businesses from Pompano Beach of power for days and ripping the roofs off many others. The storm inflicted damage to more than 3,600 businesses including ripping off and crumpling the roof of ‘Sam’s Club’ in Boynton Beach, which landed at Interstate 95 and Hypoluxo Road.
Here is another example of flood damage caused by the loss of a roof to a business in Boca Raton:
“I went to my office to survey the damage after the hurricane hit and remember walking into my office and suddenly noticing The sun shining down on me. I looked up only to be shocked to find there was no more roof above my head, just sky, with hundreds of documents stuck against the wall.” Rick Waters, Webcast 1, Inc. Boca Raton
After these types of experiences, most business owners in South Florida understand the importance of getting commercial flood insurance before the next big storm hits. After the hurricane sweeps through and causes wide-scale damage, there’s nothing that can be done by any insurance company.
Types of Flood Insurance Coverage Options
Commercial flood insurance is one of several types of policies that All Risk Insurance Group provides to businesses. We also provide:
One of our top agents Candice in our Boca Raton office says: “We’re happy to review your current insurance coverage to see if you are well protected.”
We represent over 15 companies to help you get your best rate. These commercial insurance companies include Avatar, Universal of North America, AIG, CHUBB and Lloyd’s of London.
These are examples of the types of companies we often deal with here in South Florida:
- Doctors offices
From warehouse based businesses in Pompano Beach to restaurants on Atlantic Ave. in Delray Beach to major corporations based in the Cypress Creek corridor of Fort Lauderdale , our coverage options vary based on our customers’ needs. Some property owners need basic liability coverage, while others need more comprehensive packages to protect multiple properties, vehicles and employees.
The biggest reason why people don’t get commercial flood insurance when they should is a false sense of security. They think that they’re safe and already covered until a surprise storm like Hurricane Wilma, Irma or worse – Andrew, hits. It’s imperative that you take care of your commercial flooding needs now and worry about the effects of hurricane season later.