There's one thing every business owner needs to assess each year: How much flood insurance should I purchase?
Thousands of business owners face the threat of flood. In the past five years alone, all 50 U.S. states have experienced floods or flash floods, according to FEMA.
Although not a single state is not at risk for flooding, the potential for high water levels is on the rise on the East Coast in particular. Miami, New Orleans, New York and Tampa all face an elevated flood risk in the coming years that could cost each city's economy $15 billion or more, according to an estimate from Risk Management Solutions.
Companies that operate in a coastal city or town are most susceptible to flooding. States with the total potential exposure to hurricane storm damage are all located adjacent to a major body of water, according to CoreLogic. Florida has the highest exposure, followed by New York, New Jersey, Virginia and Louisiana.
The Insurance Institute for Business and Home Safety offers a web tool that enables business owners to determine their risk for flooding, simply by entering their zip code. Use this tool when counseling your commercial clients on flood risk and the proper amount of coverage to purchase. Visit the Big "I" Flood webpage to access a link.
Generally speaking, flood coverage is available through the government's NFIP, with up to $500,000 in building property coverage and up to $500,000 for contents coverage. However, insurance companies like Big "I" Flood partner Selective offer excess flood insurance protection as well.
Selective provides a quality of service that makes the flood policy quoting and issuance process easier and less frustrating. The Selective/Big "I" Flood program emphasizes not only customer service, but education through Selective Territory Managers as well as guidance and support from a dedicated underwriter.
Here are several other advantages of working with Selective and Big "I" Flood:
- Expertise on both personal and commercial flood insurance coverages and claims
- Direct access to dedicated and skilled underwriters, assigned individually to each agency—not a third-party administrator's call center
- Localized and experienced flood territory managers
- Competitive commission structure
- Enhanced quoting and policy issuance system
- Onsite book rollover assistance
- Carrier-appointed claim adjusters and in-house claim examiners
- Notifications of important NFIP program updates
- Free, guaranteed zone determinations
- Access to free customizable marketing materials and campaigns
- Participation in and support of Big "I" advocacy efforts on Capitol Hill
To learn more about Selective's commitment to providing the best flood insurance experience, or to begin a book roll today, visit Big "I" Flood online.