Water can do a lot of damage in a short amount of time.  When a business is involved the toll can be very heavy with loss of inventory, closures due to repairs, and even health risks if mold is part of the damage.  Costs for cleanup and restoration of the property can become expensive, especially if you do not have the right coverage from your insurance provider.  Not all insurance policies are the same and it is imperative that you know what your policy does and does not cover.

Most Common Causes of Water Damage

  • Burst pipes are one of the leading causes of water damage. Extreme cold and wear and tear can present risks for pipes.  In addition, it is often difficult to see these damages which means these leaks can lead to an even bigger problem, mold.
  • Slow or gradual leaks from plumbing, HVAC units, or sprinkler systems are also common problems. Unfortunately, these types of damages may not be covered by insurance due to negligence or normal wear and tear.  If the damages could have been prevented with regular maintenance and preventative measures, then your insurance carrier may deny your claim.  Typically, policies only cover damages from sudden and accidental incidents that could not have been avoided.

Review Your Policy

  • Not all water damage insurance policies are the same. Review your coverage carefully to see what your insurance policy covers and to what extent.
  • Discuss your policy with your insurance agent. Go over possible changes and additions that need to be made to further protect your business.
  • Proper coverage may include adding additional coverage on top of your standard policy. Additional coverage will protect you from a greater range of possible water damage sources.

Your Insurance Carrier

  • When it comes to insurance, you want to know that your provider will be there when you need it most. Do your research and get quotes from several companies.  Compare what different companies have to offer.  Be sure to inquire about coverage options for water damage and what is actually covered in those policies.

Get the Help You Need

  • It is crucial that you take care of water damage as quickly as possible to avoid possible future damages and costs. A professional water damage and restoration service can come in and take care of the situation.  They are carefully trained and have the proper equipment to restore your property to its pre-loss condition.

When dealing with water damage, you want to make sure that your business is prepared.  Having an emergency plan in place and ensuring you have adequate insurance coverage will be the best way to get your business back on its feet as quickly as possible.

 

Related Blog Posts:

What is Water Mitigation & Remediation?  When Should I Call an Expert?

What is Water Damage Restoration?

Tips for Finding an Insurance Company You Can Trust

How Do I Know if my Insurance Really Has Me Covered?

Determine Which Insurance Policy is Right for You

Getting to Know Your Insurance Policy

 

Additional References & Resources:

https://www.valuepenguin.com/2017/03/when-home-insurance-will-and-wont-cover-water-damage

http://www.tsgprotects.com/service/commercial-property-coverage/

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