Reducing the risk of flooding and water damage to your commercial property

As extreme weather becomes a more regular occurrence, flooding has become a costly natural disaster for many Canadian business owners. According to Public Safety Canada, support to provinces and territories for natural disasters is approaching $1 billion dollars annually; 75% of that attributed to flooding.

For the Canadian insurance sector, this means losses exceeding $1 billion annually in the past decade (2009-2019); more than double compared annually from 1983 to 2008.  This increase is also attributed to water and flooding-related damages.

Understanding the potential for flooding and the impact it could have on your business is the starting point to developing a flood plan.

Here are some preventative measures you can take to safeguard your commercial property, possessions and personnel from a flood disaster.

1. Install backflow prevention check valves to stop floodwater from entering the vulnerable points, such as utility and sewer lines.
2. Install watertight barriers called flood shields to prevent the passage of water through doors, windows and other openings.
3. Have portable pumps and sump pumps to remove water as well as generators placed on higher ground to keep sump pumps, etc. operational should the power go out.
4. Make sure you have backups and copies of important documentation that can be easily accessed offsite.
5. If possible, have the ability to work remotely, such as customer service, to another location.

When it comes to protecting businesses from floods and water-damage, most property owners assume their insurance policies provide adequate coverage. This is often not the case, making dedicated protection in the form of flood insurance a must.

For more information on your commercial property options, visit: https://www.otcinsurance.ca/commercial_property_insurance