By Paula Whitenight
What a year this has been for weather. We have seen everything from extreme cold and heat to severe drought and record rainfall. Storms and inclement weather conditions are very unpredictable and many times come with little warning, leaving great loss and destruction in their paths. Just weeks ago, our friends and family up and down the entire East Coast broke yet another record, weathering massive Hurricane Irene.
Floods and flash flooding can occur anytime, as we have seen repeatedly in the past year. Anywhere it rains, it can flood. You do not have to live in a designated flood zone to be faced with a flood loss. Floods can be caused by a number of events such as storms, melting snow and excessive rain. Many areas in the West and Southwest now face increased risk of flood due to the wildfires, which in many areas destroyed the natural protection against flooding. These types of fires leave behind charred grounds where vegetation was once present. This vegetation absorbed the rainwater and melting snow which now just runs off.
When involved in any type of loss, most people immediately turn to their insurance company for compensation and replacement of damaged property. Are you aware that some causes of loss are not covered under your policy? Typically, damage caused by flood is one of the coverage exclusions in your business property insurance policy. To protect yourself from a potential water loss caused by flood, you must purchase a separate policy specifically designated for this type of loss.
The fact is that it takes a very small amount of water to cause thousands of dollars in damage to your property. Flood insurance is designed to provide you with protection if faced with flood damage.
Every business should consider purchasing this coverage, even if you are not located in a floodplain. Nationally, almost 40 percent of small businesses do not reopen their doors after facing a flood loss, many believing they are ineligible to even purchase the coverage.
As with other types of insurance, flood insurance must be purchased from your agent. They will discuss with you all of the options and coverage available.
Keep in mind, there is typically a 30-day waiting period from the date of purchase before a new flood policy goes into effect. Don’t wait for the weatherman’s forecast to make your decision on purchasing a flood policy. If there is a pending storm on the horizon, the actual coverage will not take effect until the waiting period has been exhausted.
Floods and flash floods happen in every state, so anyone can be at risk. Protect your business from this extreme hazard that potentially could close your doors, putting you out of business when you least expect it.
Paula Whitenight is the tanning salon program manager for Universal Insurance, which has been serving professionals in the indoor tanning industry since 1993. For a competitive, personalized quote or additional information about Universal’s exclusive Tanning Salon program, call 800.844.2101 or visit www.uitanning.com .
