Flood Insurance For Your Business

If you’re thinking about opening your own business, you should make sure that your business will stay open for as long as possible. At least a quarter of businesses that shut down after a flood never open again. From 2007 to 2011, the average insurance claim for flooding was more than $75,000. Do you have that much money in your saving account? The best way to keep from having to shut down is to get flood insurance in CT for your business.

 Flood insurance CTRisk Factor

 When giving you an estimate for flood insurance, the insurance company will determine whether your business is in a low-risk area, a moderate-risk area or a high-risk area. A majority of businesses that are in a moderate- to low-risk area are eligible for insurance at a preferred rate, which is the lowest that is offered. If you’re renting the building where your business is located, you can get contents only coverage. If you live in a high-risk area, the only option you have for flood insurance in CT is a standard rated policy, which is separate contents and building coverage.


 How much you’ll pay for insurance is determined by how old your building is, how many people work in the building, where the contents of your business are located, how many floors there are and how big of a risk there is of flooding.


Know that if your business is in an area prone to flooding and you have a federally regulated lender mortgage you have to have flood insurance.