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Fire & Water - Cleanup & Restoration

Protecting Your Business From Mold

2/11/2022 (Permalink)

To protect your business, you require a comprehensive insurance policy that will safeguard you against most types of damage. Fungus growth is a necessary measure to have in a policy, and most commercial insurance policies will have some kind of mold coverage. There are definitely some exemptions to mold insurance, so you should check with your policy provider, so that you can know definitively whether you are safe.

1. When Mold Is Covered  Most commercial general liability insurance policies will cover mold damage. The reason for this is that it is viewed as an extension of water damage. When a flood impacts your building or when a pipe unexpectedly bursts due to freezing temperatures, your policy should cover the cost of repairing the damage. As far as addressing fungus growth, your policy will cover the cost of the direct physical loss, the cost of replacing the damaged substances and the cost of testing afterward to ensure there is no longer any mold.  

2. When Mold Is Not Covered   However, your insurance coverage may not pay for anything if the water damage was a result of your own negligence. For instance, you need to perform regular maintenance on your building’s pipes to ensure they remain sturdy and intact. If you fail to get them inspected once a year, then your insurance agency may not cover any damages. Additionally, most policies will have some kind of cap. For example, there may be a cap of $10,000 on a policy annually. That means if the total cost of fixing one instance of damage exceeds $10,000, then you will be left on the hook for anything leftover.

 Ultimately, it is for the best to have an insurance policy that covers fungus growth just in case. Mold can grow out of control, and thorough coverage can help you get your business back up and running in no time.

Tracie "Dusty" Nichols 


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