What Is Covered On Your Insurance Policy?
The first step is to consider whether water damage is covered by your business insurance policy. The only way to be sure you have appropriate cover is to discuss your concern directly with a representative from your insurance company. There are a few general areas where policy holders have questions:
Are bursting pipes covered?
This is an important point, particularly in areas where freezing temperatures are an issue. Hidden pipes that freeze and burst are of significant concern. Much of the time, these damages are covered by commercial property policies.
Slightly cracked and broken pipes that result in gradual damage pose a separate problem. These damages, whether the result of normal wear and tear or due to owner negligence, are commonly excluded from insurance coverage.
Floods are also a common exclusion on commercial property policies. Sometimes property owners purchase additional coverage specifically for floods.
Imagine that one of your pipe's bursts over a weekend when no one is there to notice the water. Floors, carpeting, walls, cabinets, and anything on the floor could be completely soaked before anyone notices. In this case, insurance coverage is absolutely necessary for complete water cleanup.
Learn About Risks and Prevention
Once you have an appropriate water damage insurance policy in place, discuss potential risks and preventative steps you can take. Insurance representatives are often valuable resources with suggestions specific to the Newport News, VA community and specific to your type of business.