Get commercial flood insurance quotes, cost & coverage fast. NJ 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 New Jersey commercial flood insurance, you definitely don't want to neglect being covered.
While many business owners might think that New Jersey 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 NJ 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 New Jersey commercial flood insurance policy if:
- Your business is located in an area in NJ 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 New Jersey 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 New Jersey 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 New Jersey Commercial Flood Insurance Doesn't Cover
NJ 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 New Jersey Commercial Flood Insurance Cost?
How much does New Jersey commercial flood insurance cost? This is the question most on NJ business owners mind when they are shopping for a flood policy. Because New Jersey 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 NJ 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)
NJ Commercial Flood Insurance Quotes
Request a New Jersey Flood Insurance quote in Atlantic City, Bayonne, Bergenfield, Bridgeton, Camden, Carteret, Cliffside Park, Clifton, Dover, East Orange, Egg Harbor, Elizabeth, Elmwood Park, Englewood, Fair Lawn, Fort Lee, Garfield, Glassboro, Hackensack, Hawthorne, Hoboken, Jersey City, Kearny, Linden, Lodi, Long Branch, Millville, Morristown, New Brunswick, Newark, North Plainfield, Palisades Park, Paramus, Passaic, Paterson, Perth Amboy, Plainfield, Pleasantville, Point Pleasant, Rahway, Ridgewood, Roselle, Sayreville, South Plainfield, Summit, Trenton, Union City, Vineland, West New York, Westfield and all other cities in NJ.
Insurance Regulations In New Jersey
There insurance regulations that govern both business and personal insurance in the state of NJ. There are certain regulations that you want to keep in mind whether you are getting insurance as a private party, or you may have a business and are concerned about the regulations and oversight of your business insurance.
New Jersey Commercial Insurance
The regulations governing business insurance start with general liability insurance. General liability insurance protects you from lawsuits from people that come on your property with a variety of coverages. For example, it may protect against bodily injury, it may also protect against property damage caused by your business - for example, if your sign falls on someone's car - or it may protect against advertising, false arrest and lots of other different things that can happen. However, keep in mind that general liability insurance is not required in the state of New Jersey.
There are certain types of insurance that are required by businesses in New Jersey though. One of the regulations governing business insurance in New Jersey requires that anyone who has a full-time or part-time employee carry Worker's Compensation insurance to cover that employee. Workers comp is sort of like health insurance for employees that get hurt on the job.
In addition, NJ law says that employers must provide employee disability coverage to provide income for employees who are injured on the job and have to take time off due to a temporary or permanent disability. Finally, businesses in New Jersey are required to carry commercial auto insurance for company vehicles.
NJ Personal Insurance
The first type of personal insurance that will be discussing is auto insurance. Personal auto insurance in New Jersey requires that the driver carry $15,000 per person and $30,000 per accident in liability coverage. In addition, there must be an additional $5000 for property damage.
As far as life insurance regulations, insurance companies must be regulated by the Department of Banking and Insurance which maintains all records of insurance companies that are licensed to do business in the state. In addition, residents have a 10 day free look period, a grace period of 30 days and insurance companies must make payments in a timely fashion; which is within two months of receiving proof of death from the beneficiary.
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.