3 Steps To Confirm Commercial Mold Coverage

5/17/2022 (Permalink)

Mold damage in Sun City, NV.

Commercial Mold Coverage

The cost of cleaning up a mold infestation in a commercial building can add up to thousands of dollars. Building and business owners may want to carry sufficient commercial insurance coverage that includes at least a limited amount of coverage for mold. These three steps will help you confirm your current level of coverage for mold remediation at a building in Sun City, NV.

1. Review Your Property Policy
Check the terms of your property insurance policy with regard to water damage and mold damage. You should also review any relevant endorsements and exclusions.
While many general property policies cover primary water damage, coverage for secondary damage may be cut out or limited. It can be challenging for a business or commercial property owner to account for every factor that could impact coverage levels.

2. Consult With an Insurance Agent
It may be more effective to go over your coverage with a commercial insurance agent. Professionals can identify circumstances under which mold coverage could be available, as well as factors that could prevent coverage.
You may also find it helpful to review limit amounts in light of the average costs of cleaning up and restoring damage. The average cost of mold damage remediation ranges from $15 to $30 per square foot. Be aware that some insurers require agents to report clients’ intention to file a claim.

3. Consider Additional Mold Coverage
Owners of flood-prone properties may want to obtain mold coverage as a rider on an existing policy or a supplementary policy. Ask an expert about how multiple policies such as general commercial property insurance, flood insurance and mold insurance could affect coverage.
Expenses can add up during the removal of mold from a commercial structure in Sun City, NV. Check your level of commercial insurance coverage and take timely measures to restore water damage to reduce the degree of secondary mold damage.