COMMERCIAL PROPERTY INSURANCE : COVERAGE FOR WATER DAMAGE

6/1/2020 (Permalink)

COMMERCIAL PROPERTY INSURANCE : COVERAGE FOR WATER DAMAGE

COMMERCIAL PROPERTY INSURANCE AND COVERAGE FOR WATER DAMAGE

Water is something we need for us to survive. But water can be harmful to any property when it goes wrong. It ruins building materials and personal belongings and it can even cause structural damage.

When a commercial property suffers water damage, the business itself suffers. Depending on the amount of damage done, business owners may need to stop the operations for an extended period of time in order to repair the damage, thus when business is closed, the potential for revenue is lost.

When it comes to water damage, the harm can be caused by various things. If your business has an HVAC system, there is a threat of water damage. If your business has a bathroom facility, there is a risk of water damage. Businesses can be damaged by water from storms or floods. Insurance coverage plays a huge role in protecting a business from water damage. There are many insurance policies available to cover these risks and protect your business.

Insurance Coverage for Commercial Water Damage

Some policies will include only certain kinds of water damage; some may not cover any water damage at all. It is important to understand what the policy cover to ensure you are protected. Leaks and burst pipes are among two of the more common causes for commercial water damage, so business owners should especially make sure their policies cover such damage.

2 common causes for commercial water damage

1. Busting Pipes

Businesses located in regions of the country that has extreme cold weather are risk for bursting pipes which can also result in serious water damage. Many commercial property policies will cover at minimum bursting pipes.

2. Gradual Leaks

This is when a pipe or hose slowly leaks water. Slow, gradual leaks often aren’t covered by commercial property policies. This is because companies see this as negligence, this is something that could have been prevented by regular maintenance and preventive measures unlike accident that happens suddenly.

If you have a business and commercial insurance for it, look over your policy. Review the coverage to see whether your business is protected against water damage. Review the coverage to see whether your business is protected. No business owner wants to deal with water damage.

If your business is suffering from water damage and you need to seek immediate assistance from a professional water damage restoration service, please call us SERVPRO of Ventura at (805) 656-3911.