Get commercial flood insurance quotes, cost & coverage fast. WA commercial flood insurance protects your business property including your building and its contents from the damage and costs that resulting from flooding.
With all of the expenses that are associated with running your business, you might try to skimp when it comes to certain things. In some cases, sparing certain things may be perfectly fine and won’t hinder your business in any way; however, when it comes to Washington commercial flood insurance, you definitely don’t want to neglect being covered.
While many business owners might think that Washington commercial flood insurance isn’t really necessary, too many people find out the hard way that they should have had coverage.
Considering the fact that it costs an estimated $20,000 to repair the damage from just one inch of flood water, and that most businesses that close when they become flooded never reopen again, if you live in or close to a flood zone, flood insurance for your business is really a necessity.
A lot of business owners assume that their WA property insurance will cover the damages that are associated with a flood; but many are surprised to find that their policy doesn’t cover flooding. That’s because the majority of commercial property insurance policies excluding flooding from coverage.
A “flood” is generally defined as “a temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (at least one of which is your property) from:
You’ll want to seriously consider getting a Washington commercial flood insurance policy if:
Flood insurance for your company protects one of your most important investments from the damages that flooding can cause: Your business. With this type of insurance, you and your business are protected from the devastating financial losses that can occur with when a flood strikes. Not only does this insurance protect the building your business is located in, but it also protects the items inside your business and your assets.
A commercial flood insurance policy will pay for any repairs that your building may need in the event of a flood. It can also cover the cost of replacing the contents of your building. If mold or mildew forms as a result of flooding, your policy can also pay to remediate it.
Business flood insurance can either be purchased from an insurance agent, or you can buy a policy from a company that takes part in the National Flood Insurance Program. You also have the option to rely on special flooding programs that are offered by the government. It is in your best interest to purchase a policy through an agent, as you will be able to ensure you have adequate coverage for your business.
There are two different types of commercial flood insurance available, and you can choose to purchase one or both options.
Both of these types of insurance cover up to $500,000 in damages. However, you do have the ability to purchase an excess Washington commercial flood policy, which will grant more coverage. If your business is valued at more than $500,000, it’s a wise idea to purchase additional coverage.
WA business flood insurance typically does not cover:
How much does Washington commercial flood insurance cost? This is the question most on WA business owners mind when they are shopping for a flood policy. Because Washington flood insurance is not a one size fits all, and there are many factors that are taken into consideration in your premiums – the easiest way to get flood insurance rates is to contact an agent to discuss your situation. Then you can get an accurate flood insurance quote to see the cost.
Below are some of the main factors that make up the cost of a WA business flood insurance policy:
You can look up your flood zone at:
FEMA Flood Map Service Center: Search By Address. You can also learn about flood insurance requirements for commercial property.
Floods can happen suddenly and can do tremendous amounts of damage. Following is some more useful information about flood insurance polices:
Request a Washington Commercial Flood Insurance quote in Auburn, Bainbridge Island, Bellevue, Bellingham, Bothell, Bremerton, Burien, Camas, Des Moines, Edmonds, Everett, Federal Way, Issaquah, Kenmore, Kennewick, Kent, Kirkland, Lacey, Lake Stevens, Lakewood, Longview, Lynnwood, Maple Valley, Marysville, Mercer Island, Moses Lake, Mount Vernon, Mountlake Terrace, Mukilteo, Oak Harbor, Olympia, Pasco, Port Angeles, Pullman, Puyallup, Redmond, Renton, Richland, Sammamish, SeaTac, Seattle, Shoreline, Spokane Valley, Spokane, Tacoma, Tukwila, University Place, Vancouver, Walla Walla, Wenatchee, Yakima and all other cities in WA.
In Washington State, there are certain types of insurance that you should be aware of. We will be covering the limits and regulations of insurance within the state. You should be aware of these because if you operate a business, there may be certain types of insurance that you are required to carry. In addition, even if you do not have a business, there may be certain types of insurance regulations that you should familiarize yourself with. We will be taking a close look at insurance regulations for both personal and commercial here.
For business liability insurance, what you should be aware of is that Washington does not require businesses to carry business liability insurance in order to operate. Washington is a pure comparative fault state which means that an insurance adjuster must first assess fault and name the adjuster or a court will reduce the award proportionate to the fault of the plaintiff. Businesses may carry business liability insurance in order to protect themselves against these types of claims.
However, Washington does require anyone who employs at least one person full-time or part-time to carry Worker's Compensation insurance to protect them if they are injured on the job. Washington does not require any type of disability insurance for businesses nor do they require commercial vehicles to carry commercial auto insurance.
There are two types of personal insurance that you should be aware of. The first is auto insurance requirements. In Washington State, you are required to carry 25 000 USD per person and 50 000 USD per accident in bodily injury coverage. You are also required to carry 10 000 USD in property damage as well as uninsured/underinsured bodily coverage of 25 000 per person and 50 000 USD per accident.
There are two life insurance regulations to be aware of in Washington State. First, be aware that there is no free look period like there is in most states. If you sign up for life insurance, you are not able to cancel within 10 days in order to get a refund on your policy premium. However, there is a law that requires timely payment on insurance claims in the state of Washington. In fact, the state requires that the beneficiaries account start accruing interest on the day of death. That means that insurance companies will have to pay more for each day that they fail to pay the benefit. There is also a misrepresentation law when it comes to life insurance in Washington.
If you are looking for state specific Commercial Flood Insurance quotes, costs and information:
