Commercial Flood Insurance in NJ

What would you do if your business was flooded?

Most standard commercial package policies (CPP) or business owners policies (BOP) do not cover damage from flood water. A commercial flood insurance policy in NJ is designed to cover your business for any damages caused by any and all expenses associated with flood water. This policy protects the location, which includes the materials and assets inside the dwelling of the business property.

Who Should Buy Flood Insurance?

Anyone who owns a business and does not have flood insurance should purchase commercial flood insurance in New Jersey. A business may not be in a flood plain, which is an area of low ground next to a river, but rain happens.

Even in extremely dry places, stranger things have happened when streets and businesses have suddenly taken on water. Flash floods, rising water, and downpours can cause damage in and on a businesses property can happen without warning.

There are places in Medford, New Jersey and in Eatontown that are located in the flood plain. If you want to check to see if your business is located in this plain, access the FEMA link online. Businesses located in this plain should have this insurance.

If you are located in a flood plain and have a mortgage on the property, you are required to carry flood insurance.

30-Day Waiting Period

When purchasing flood insurance, do not wait until a flood is predicted in the area of your business. Most insurance companies require a 30-day waiting period on new policies for flood insurance. It’s very important to purchase the needed flood insurance well before it is needed.

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