Get commercial flood insurance quotes, cost & coverage fast. CO commercial flood insurance protects your business property including your building and its contents from the damage and costs that resulting from flooding.
Business Flood Insurance
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 Colorado commercial flood insurance, you definitely don't want to neglect being covered.
While many business owners might think that Colorado 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.
Does My Business Need Commercial Flood Insurance?
A lot of business owners assume that their CO 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:
- overflow of inland or tidal waters, or...
- unusual and rapid accumulation or runoff of surface waters from any source, or...
- mudflow or collapse or subsidence of land along the shore of a lake or similar body of water as a result of erosion or undermining caused by waves, or...
- currents of water exceeding anticipated cyclical levels that result in a flood as defined above.
You'll want to seriously consider getting a Colorado commercial flood insurance policy if:
- Your business is located in an area in CO that is prone to flooding, or it is situated near any body of water.
- You operate a business in a location that has cold and snowy winters and warm springs. That's because snow that melts quickly is one of the main reasons why businesses flood.
- Your business is situated in a climate that receives a moderate amount of rainfall throughout the year. There is always a chance that outdoor drains could clog, and if that happens, the likelihood that your establishment will flood is high.
What Does Colorado Commercial Flood Insurance Cover?
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.
- Contents Insurance. This type of insurance covers any inventory, merchandise, equipment, furnishings and other elements that are located inside your business.
- Building Insurance. This type of policy protects your building. If you do not own the building, you can purchase insurance that will cover the value of any improvements that you made to it.
Both of these types of insurance cover up to $500,000 in damages. However, you do have the ability to purchase an excess Colorado 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.
What Colorado Commercial Flood Insurance Doesn't Cover
CO business flood insurance typically does not cover:
- Precious metals
- Stock certificates
- Bearer bonds
- Trees & plants
- Wells & Septic systems
- Retaining walls
- Storm shelters
- Loss of income
- Post-flood mold damage
- Sewer backups
How Much Does Colorado Commercial Flood Insurance Cost?
How much does Colorado commercial flood insurance cost? This is the question most on CO business owners mind when they are shopping for a flood policy. Because Colorado 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 CO business flood insurance policy:
- Your property's flood risk - what flood zone you are in. More risk = higher premiums, less risk = lower premiums.
- How much coverage you need. More coverage = higher premiums, less coverage = lower premiums.
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.
Further Reading On Flood Insurance
Floods can happen suddenly and can do tremendous amounts of damage. Following is some more useful information about flood insurance polices:
- Commercial Flood Insurance
- Flood Insurance Requirements For Commercial Property
- Homeowners Insurance vs Flood Insurance
- How Does Excess Flood Insurance Work?
- How To Sell A Home In A Flood Zone
- Private Flood Insurance vs NFIP Coverage (FEMA)
CO Commercial Flood Insurance Quotes
Request a Colorado Flood Insurance quote in Alamosa, Arvada, Aurora, Boulder, Brighton, Broomfield, Castle Pines North, Castle Rock, Canon City, Centennial, Colorado Springs, Commerce City, Craig, Delta, Denver, Durango, Englewood, Erie, Evans, Federal Heights, Firestone, Fort Collins, Fort Morgan, Fountain, Frederick, Fruita, Glenwood Springs, Golden, Grand Junction, Greeley, Greenwood Village, Johnstown, Lafayette, Lakewood, Littleton, Lone Tree, Longmont, Louisville, Loveland, Montrose, Northglenn, Parker, Pueblo, Rifle, Steamboat Springs, Sterling, Superior, Thornton, Trinidad, Westminster, Wheat Ridge, Windsor and all other cities in CO.
Colorado Insurance Regulations & Limits
When it comes to insurance regulations in Colorado, there are a few things that you want to be aware of. Let's take a look at the laws and rules surrounding insurance in CO.
Colorado Commercial Insurance
The most common type of business insurance is liability insurance. Commercial liability insurance is required to cover things like property damage, bodily injury, personal injury, advertising injury and legal defense and judgments. Colorado is a fault state, and businesses are not required to carry liability insurance in order to operate. There is a cap on damages that are not economic set at $468,010 with a higher limit set at $936,030 for non-economic damages in which it can be proven that the original damage amount is too low. However, these cases are rare.
Punitive damages in exemplary damages are almost unheard of in Colorado, but there is no limit on economic damages. The statute of limitations to file against types of damages is two years - or three years if the damages were sustained in a vehicle. Most experts recommend the businesses carry anywhere from $500,000 to $1 million in general liability coverage.
The only other requirements for businesses that you need to be aware of is the requirement for any business that hires hourly or wage employees to carry Worker's Compensation insurance and for those same companies to have minimum insurance coverage on their vehicles which for a vehicle used for business purposes means that you will have to purchase a commercial auto insurance policy.
CO Personal Insurance
The most common type of personal insurance is the one that everyone is required to have - auto insurance. The law requires that you have at least $25,000 per person and at least $50,000 per accident in liability insurance; as well as an additional $15,000 for property damage. These are the main regulations covering auto insurance in Colorado and they are very similar to the regulations found in most of the other states.
The only additional regulation that you need to be aware of when it comes to personal insurance has to do with life insurance. If you have life insurance, your insurance provider is required to give you a one month grace period before they can cancel your policy due to nonpayment. This protects consumers against having policies canceled due to having a late payment. This is the only regulation you should know when it comes to life insurance.
If you are looking for state specific Commercial Flood Insurance quotes, costs and information: California Commercial Flood Insurance, Colorado Commercial Flood Insurance, Delaware Commercial Flood Insurance, Florida Commercial Flood Insurance, Illinois Commercial Flood Insurance, Kentucky Commercial Flood Insurance, New Jersey Commercial Flood Insurance, New York Commercial Flood Insurance, Oregon Commercial Flood Insurance, Pennsylvania Commercial Flood Insurance, Texas Commercial Flood Insurance, Washington Commercial Flood Insurance.