How Flood Water Damage Can Impact Your Business

6/7/2022 (Permalink)

Continuity is crucial for any business. More than 40% of businesses do not reopen after a disaster, and of those that do, only 29% stay operational.

Flood damage to your commercial property can spell a lot of problems. Not only will the water damage have to be repaired, but there could be issues with mold growth, which has serious implications. Mold spores are microscopic and float through the air right into your building, where they begin growing on the wall or floor surface they land on. For this reason, it is important to call for a commercial flood damage restoration North Seminole as soon as possible. Water damage remediation North Seminole can help minimize further damage to your business.

Here are some of the things that could happen after experiencing commercial flood damage.

Increase insurance premiums

If you have business interruption insurance, this will cover the costs of lost revenue while your business is closed. However, if you are not covered for this type of damage, then you will have to pay for the repairs out of pocket, and that could increase your insurance premiums.

Loss of customer base

If your business is in a flood zone, then you might want to consider relocating. In some cases, customers will not want to deal with a business that has been flooded and will go elsewhere. This can also happen if your business was damaged in a flood, but you have not moved.

Cannot compete with other businesses

If your business is flooded or damaged, your competitors will be able to offer better prices. You will have to cut your prices to stay competitive, and if you cannot afford that, then you might have to close.

Significant structural and electrical damage in the building

If the building is not structurally sound after the flood, then you will have to pay for repairs. In some cases, it might be cheaper to just rebuild than it is to repair. Flooding can cause serious damage to your building’s electrical system and appliances. To make matters worse, if you haven't immediately contacted water damage remediation North Seminole, fire risk can be your next biggest problem.

Potential problems with your business operations

Continuity is crucial for any business. More than 40% of businesses do not reopen after a disaster, and of those that do, only 29% are still in operation two years later, according to the Federal Emergency Management Agency (FEMA). A flood can cause serious problems with continuity and will cost you time and money to get things back up and running. If your business is closed for a long period of time, you will have to deal with the costs of lost revenue. If your employees are unable to work, they might sue you for back wages. If a flood causes extensive damage to your building, you might want to consider relocating.

Conclusion

In addition to all these things, you will also have to deal with all the stress that comes with such a catastrophe. You might lose sleep worrying about how you are going to get everything done. The most important thing to do right after flooding is to schedule a commercial flood damage restoration North Seminole.