Business owners and water loss

2/1/2022 (Permalink)

Commercial loss

Believe it or not, water from damaged pipes is one of the main causes of a business loss. If leaking pipes go undetected they can wreak havoc on a building's structure and eventually its contents. For this reason it is important to be prepared. Being proactive with coverage for your Missouri building is key in the event of a water loss. When shopping for a policy, look for the following types of coverage:

• Sewer drain back up
• Fire system malfunction
• Flooding
• Sudden water loss 

The above are covered on some policies but excluded on others and it’s important to ask your agent to break down the difference. Both flood and sewer damage typically require you to have a rider for your insurance policy. Damage caused by sudden events is more commonly covered if it is a new loss but every policy is different. Coverage could go either way and your mitigation company will not be the one making that call. Like every type of insurance policy, there are exclusions and it’s important to know what the exclusions are especially for commercial property.

When you are shopping for a water damage policy, it is important that you read the fine print. Always keep communication open with your agent and allow them to explain whether damages are covered by your policy. A few common misconceptions occur with the following:

• Damage caused by slow leaks
• Leaks caused by freezing
  • Mold damage
  
  Water damage is one of the most common losses business owners face, yet many owners are unprepared. This is typical because they do not read the fine print before purchasing a policy. If you want to ensure that you're covered for a water damage, whether it is caused by damaged pipes or flooding, discuss your unique exposures with your agent. Most agents are upfront about coverage and will help you to the best of their ability. SERVPRO of Chillicothe/Cameron/Richmond is your resource after a loss occurs. You can contact SERVPRO of Chillicothe/Cameron/Richmond at 660-240-5105.