Why Business Insurance Is Essential for Protecting Your Investment

6/14/2022 (Permalink)

Water cleanup in a museum in Iselin, PA.

Faulty plumbing, structural problems, and natural disasters can lead to costly water damage that can pause operations at your business in Iselin, PA. However, business insurance can pay for the drying and restoration efforts to minimize your losses and prevent you from closing your doors. 

What Can Cause a Flood at Your Business?

Excessive amounts of water can quickly saturate your business's interior spaces when:

• A storm causes holes in your roof, allowing rain to enter
  
• A malfunctioning sprinkler system emits water without a fire to extinguish 
  
• Your old plumbing system has a broken pipe 
  
• The drainage system around your business's exterior is inadequate
  
• Toilets and sinks overflow
  
  

What Type of Water Damage Does Business Insurance Cover?
Commercial business property insurance policies cover many types of physical damage but will only cover water-related damage involving leaks and broken pipes. In addition, property damage due to flooding following natural disasters or negligent property maintenance is exempt from coverage unless business owners purchase separate policy riders to cover these circumstances.  

What Type of Coverage Riders Are Available?
You can still obtain insurance to help you pay for flood damage that your commercial property insurance does not cover. For example, commercial flood insurance will pay for water cleanup and restoration services to dry your business's interior environment and essential equipment, documents, electronics and furnishings when natural disasters lead to internal flooding. In addition, when the damage to your property leaves it unsalvageable, commercial flood insurance can help you meet replacement costs. 
Business continuation riders can help you pay your employees' salaries and the cost of relocating temporarily while disaster recovery services dry out your space and restore it to its pre-disaster condition. 
Business insurance protects your property and investment in Iselin, PA, from water damage following unpredictable disasters and frequent system failures. However, you must purchase the appropriate coverage that considers multiple risks.