"It can take years for a business to recover from a serious flood," Erik Olsen, senior vice president and leader at the Property Center of Excellence for Chubb North America, said in the report. "With a holistic understanding of their flood risk, businesses can prioritize investment resources and make actionable plans to address worst-case scenarios and create business continuity." Credit: bilanol/Adobe Stock
A majority of U.S. businesses are unprepared to face flooding risks, according to Chubb's "Rising Waters" broker survey, which found that 85% of companies mistakenly think property insurance will cover "all or most" types of flooding.
Chubb also noted nearly half of brokers surveyed said their clients don't even request flood insurance quotes. Further, 84% of brokers said their clients don't purchase any type of flood coverage and 41% said this is because business owners struggle to assess their risks.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
