Get commercial flood insurance quotes, cost & coverage fast. IL 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 Illinois commercial flood insurance, you definitely don't want to neglect being covered.
While many business owners might think that Illinois 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 IL 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 Illinois commercial flood insurance policy if:
- Your business is located in an area in IL 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 Illinois 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 Illinois 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 Illinois Commercial Flood Insurance Doesn't Cover
IL 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 Illinois Commercial Flood Insurance Cost?
How much does Illinois commercial flood insurance cost? This is the question most on IL business owners mind when they are shopping for a flood policy. Because Illinois 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 IL 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)
IL Commercial Flood Insurance Quotes
Request a Illinois Flood Insurance quote in Arlington Heights, Aurora, Bartlett, Belleville, Berwyn, Bloomington, Bolingbrook, Buffalo Grove, Carol Stream, Carpentersville, Champaign, Chicago, Cicero, Crystal Lake, DeKalb, Decatur, Des Plaines, Downers Grove, Elgin, Elmhurst, Evanston, Glenview, Hanover Park, Hoffman Estates, Joliet, Lombard, Moline, Mount Prospect, Naperville, Normal, Oak Lawn, Oak Park, Orland Park, Palatine, Park Ridge, Peoria, Plainfield, Quincy, Rock Island, Rockford, Romeoville, Schaumburg, Skokie, Springfield, Streamwood, Tinley Park, Urbana, Waukegan, Wheaton, Wheeling and all other cities in IL.
Illinois Insurance Rules And Regulations
There are regulations governing insurance in IL that you should be aware of that cover both business and personal insurance. These include the limits associated with certain types of insurance as well as the actual regulations that govern these insurance categories - as well as regulatory agencies. Let's take a close look at the regulations for insurance in Illinois.
Illinois Business Insurance
The first type of insurance that we will discuss is Illinois business insurance. The most common type of business insurance is called General Liability. Liability insurance protects businesses in a number of ways, but the main way that you can think of this type of insurance is as coverage for when someone brings a lawsuit against you for something that happens on your premises. So, for example, if someone were to slip and fall on a freshly-mopped floor within your store, then you might be responsible for their injuries. Liability insurance protects you in instances like these.
However, there are some types of business insurance that are required by law. The first is standard in almost every state, and it is known as Worker's Compensation insurance. In some states, you have to have a certain number of employees before you are required to carry this type of insurance, but in Illinois, if you employ at least one person either full-time or part-time, you have to have Workees comp.
IL Personal Insurance
There are a couple of different types of personal insurance that are regulated by law in Illinois that you need to be concerned with. The first is auto insurance. Any private individual that operates a motor vehicle must carry liability insurance on that vehicle with certain limits reached. The insurance companies are already aware of these limits and the insurance that they offer provides them. The limits are $25,000 per person with a total maximum payout of $50,000 per accident. In addition, there must be another additional $25,000 provided for property damage.
There are also some regulations governing life insurance in Illinois that you should be concerned with. Life insurance is regulated under Title 215 in the State of Illinois Statutes. One regulation is that Illinois residents are given a minimum period of 10 days to evaluate the life insurance. You can cancel at any time during these 10 days and receive a full refund. In addition, insurance companies must provide a guarantee of death and claim payment as well as cash value. Finally, insurance companies must provide a timely payment of claims and keep your medical information private.
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.