Protect Your Business from Water Damage

by | Jul 21, 2022 | Commercial Insurance, Commercial Property Insurance

Water damage can be very expensive for a business. From slow leaking valves to a pipe bursting after a cold front, repairing water damage in commercial buildings accounts for 15% of all small business property damage and liability insurance claims.

It is estimated that 75% of losses from water damage are related to plumbing, HVAC systems, and appliances. It does not take much to face a costly claim when it comes to water damage and your commercial property. TSL Insurance Group will help to make sure you purchase the right insurance coverage for your business.

One of the most frequent and expensive claims a small business can face is water damage in a commercial building. That is why it is so important to take immediate action if you notice water damage, or an issue that can lead to property loss. Taking the appropriate steps when filing a claim with your insurance company is critical to mitigating the damage.

Does commercial property insurance cover water damage?

Yes, commercial property insurance does offer financial protections but for a variety of water damage claims. This means that not every type of water damage claim is covered. So, it is a good idea to get different types of insurance coverage to make sure your commercial building is protected.

Water damage in commercial buildings can ruin your carpets, drywall, inventory, and equipment. In addition, it can cause mold growth, structural damage, and could even force you to relocate or close your business for a short period of time.

How to prevent water damage at your business?

Water leaks can start from a variety of sources and aren’t always immediately visible. The longer they go undetected, the more severe the damage may be which can affect your day-to-day operations. But over 90% of all water damages can easily be avoided by setting up a water and leak detection continuity plan.

6 Steps to Take to Reduce Water Damage

  • Inspect for signs of plumbing problems. If you notice a significant change in your water bill, chances are a pipe or plumbing issue is the cause. Check around for signs of water damage on the walls, floors, or ceilings, and for the growth of mold and mildew.
  • Examine open areas. It is important to check windows, doors, and other areas for gaps and cracks. If found, reseal them with waterproof caulking before repainting the windows, doors, or trim.
  • Repair and insulate old pipes to prevent them from bursting during cold weather even if they are made of plastic or metal.
  • Be prepared for severe weather conditions with sandbags. If there’s a weather emergency, stocking up on sandbags will help to divert the water and debris away from our commercial building.
  • If a commercial building has been affected by flooding, buying a dehumidifier can ensure the building is safer from any lingering damage moisture could cause.
  • Purchase the right kind of commercial business insurance regardless of flood zones to protect you and your assets.

4 Steps to Take When You Experience Water Damage

  • Identify the source of the water damage. Finding the source of the water is the first step to take because they can begin in many places such as pipes, your roof, or the wall. You can also contact a local plumber to help find the source of the water leak.
  • Shut off the main water line. This will help to prevent any further water damage.
  • Find a restoration team. Your insurance company can help you find a company that specializes in commercial water damage repair.
  • Contact your insurance company as soon as possible. It would be wise to document the water damage with photos and notes to send to your insurance company when filing the claim.

Read also: What Are the Most Common Types of Commercial Insurance?

Dealing with water damage in a commercial business can be stressful and overwhelming, especially if you do not have the right commercial property insurance coverage. Don’t put your business’s future at risk.

Thomson Smith & Leach Insurance Group can help find the best commercial property insurance quote to keep your business and assets protected to avoid costly repairs and downtime. To learn more about your options for commercial property insurance coverage, call today to speak with one of our agents at one of our 3 locations in Louisiana: Lafayette, Abbeville, or Franklin.

Thomson Smith & Leach Insurance Group is your one-stop shop for business insurance packages tailored to all types of businesses. Our agent will work with you to assess how much insurance coverage you need to protect you and your commercial business starting today. Contact us for a free quote!