185 W Chestnut Ave
Monrovia, CA 91016
Preparing for the rainy season is always a smart move. The risk to your business is high, and a standard commercial insurance policy will not fully cover you.
Not every business is at risk of flooding, but even if you aren't in a flood plain, it could still happen to you. Depending on where your company or property is located, you may want to consider purchasing some commercial flood insurance.
At TransGlobal P&C Insurance Agency, we want to educate business owners about the importance of commercial flood insurance. Please read on so that you can better understand if you need this type of policy.
Whether or not you will be required to buy commercial flood insurance will depend in part on the location of your business and if you have a lender. If you own your property or you’ve already paid off the loan you took out to afford it, then you will not be required to purchase flood insurance.
Business owners who do not own their property yet may be required by their lender to buy insurance. It’s still not a given, though. More often than not, lenders will only require borrowers to take out flood insurance if their property is located in a designated high-risk area.
Don’t hesitate to secure a policy even if you already own your property. Since most commercial insurance policies don’t account for flooding, getting that extra bit of protection could come in very handy. We encourage business owners to look into this type of policy due to the risks that floods impose.
You don’t want to wait until the last minute to buy flood insurance. As most state’s Department of Insurance notes, flood policies typically take effect 30 days after you first purchased them. The last thing you want is to experience flooding in your property right before the policy kicks in.
There are cases where the policy will take effect immediately. That is the case if your business is located in a high-risk area, and you took out a loan toward it. In a scenario such as that, your lender will require you to renew your policy regularly, but again, you are protected as soon as the purchase is completed.
Don't wait long to purchase commercial flood insurance. Allow us at the TransGlobal P&C Insurance Agency to provide you with the plan you need. Contact our office to speak with one of our agents about your options.