Flood Damage on Commercial Properties in New York
When a business location is flooded due to a burst pipe or bad weather, it may suffer serious negative impacts. Commercial flood insurance claims can be complicated, especially if the business has to shut their doors for a period of time to recover from the flood damage. One of the most important things to know when a business gets flooded is that the vast majority of the time, standard property insurance plans do not cover flooding or water damage. Property owners must be sure to purchase a separate flood insurance policy to make sure they are covered in the event of a flood or water damage.
Business interruption insurance
In a lot of situations, a business may be forced to close its doors after a flood or water damage occurs. In order for a business to protect itself, it should be sure to purchase a business interruption insurance policy that can cover expenses after the business is forced to shut down while repairs take place. Some of the things that can be covered include:
- the business’ regular bills
- bills that the business has to pay for a temporary or permanent move
- income loss
If your business has been forced to shut down due to signficant water damage, contact our firm today to discuss your options.
The Law Office of Craig A. Blumberg is an experienced New York City insurance law firm. If you require quality assistance after having suffered property loss, please contact our firm to schedule a free initial consultation.
