The Finances of Flood Damage

3/31/2020 (Permalink)

What would you do if your business flooded tomorrow?

When a major storm hits your commercial business, it can be a financial disaster, too. Therefore it's important to pursue all of the potential benefits available to you. Repairing storm damage to your property can run into the thousands of dollars and many small businesses might not have sufficient savings to cover the expenses. Fortunately, your commercial insurance policy will cover some of these costs, after a deductible is paid. Other insurance options such as business interruption insurance and extra expense insurance may also kick in, though not all companies have this coverage. A number of expenses above and beyond an insurance claim could be tax deductible.

Looking Into Tax Benefits

When it comes to federal, state and local tax laws it always make sense to speak with a tax professionals. This allows you to claim all qualifying storm damage expenses. In general, the following expenses may be eligible for a tax write-off:

• Water damage expenses not paid by insurance
  
• Cleanup and recovery expenses
  
• Hurricane and tornado damage
  
  

Your initial efforts should concentrate on an insurance claim. An experienced storm mitigation team in Langhorne, PA, can help you organize your paperwork for the insurance company. With photos, spreadsheets and online communications an itemized record of expenses and losses can be sent to the insurance company. This enables a fast and efficient claims process that gets needed money into your hands fast.

Pursuing Other Options

If the storm damage that hits your company is part of a larger storm and has been declared a federal or state disaster area, other sources of financial help could become available. This includes low interest loans that help you borrow money to buy damaged equipment, replace lost inventory and pay employees. When disaster strikes, you need all of the help you can get or your company could never reopen. Working with companies and agencies that are Here to Help can make a big difference.