Keep your business buoyant
A flood can sometimes be predictable. Charting the habitual swelling of the tides establishes typical water levels and indicates when coastal areas might flood. However, more often than not, floods can arise without warning. Rivers, lakes or the sea can overrun swamp defences and surge through the surrounding areas.
The fickle nature of UK weather only exacerbates the unpredictability of floods. And with so many areas susceptible to flooding, one unexpected severe storm can trigger widespread, damaging floods.
Disaster strikes – is your business prepared?
Predicted or not, a flood could mean disaster for your business. In one month Storms Desmond, Eva and Frank resulted in
- 5,600 property flood claims from business customers
- £49 million emergency payments being made to businesses, both big and small, to support them as they get back on their feet.
The problem is not all businesses in flood-risk areas are able to obtain appropriate flood insurance cover. According to research, conducted by the Federation of Small Business in 2015, of all the small businesses at risk of flooding approximately
- 75,000 said they have difficulty finding flood insurance
- 25,000 claimed flood insurance cover was unaffordable
- 50,000 have been refused flood insurance cover.
Flood insurance for businesses
To address this issue the British Insurance Brokers’ Association (BIBA) has launched a new insurance scheme specifically for commercial premises and let properties in flood risk areas. Flood risk specialists and insurance industry specialists including broker Guy Carpenter (who like Jelf is part of Marsh & McLennan Companies) worked collaboratively to develop this scheme exclusively for BIBA members to use with their clients.
As well as including the usual insurance covers a business normally requires, the scheme is also flexible in its approach to flood cover. It offers cover to businesses that might not previously have been able to afford insurance and/or secure cover because their location is in a flood-prone area.
Paul Spurway, Director at Jelf explains “As a BIBA member we’re pleased to offer clients access to this scheme. We always encourage our clients to put in place as many flood preventative measures as appropriate. It’s therefore good that businesses will be offered both advanced flood mapping and a contemporary approach to underwriting that takes account of any flood resilience or resistance measures that the business has invested in.”
For more information why not get in touch via www.jelfgroup.com.
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BIBA: New insurance scheme from British insurance brokers’ association offers hope to businesses at risk of flood