Author: Kat Heubeck
As the snow begins to melt, many businesses in the UK are keeping an eye on the weather forecasts and hoping that severe flood warnings won’t be the next threat to contend with. For businesses that are in high risk flood areas there is a huge worry, particularly as it can be incredibly difficult to get adequate insurance cover.
You may be aware of Flood Re, the government initiative to help people in flood areas get insurance, but it’s exclusively available to private home insurance, which means if you’re based in a high risk flood area this will help you insure your home, but not your business.
First things first...
One of the best ways to make sure you’re still in operation if the worst happens is through good preparation. Follow our Practical Guide to help prepare yourself for flooding.
Talk to your current insurer to check your cover. It may be the case that there are special terms you will need to be aware of, and other conditions such as warranties or excesses you would be required to adhere to.
During the floods of 2015 FSB lobbied for more protection to be available to small businesses as many businesses struggled to afford the rising premiums and quotes became harder to acquire. Even now, despite various initiatives it is still very hard to get affordable cover in high risk flood areas.
If you need advice, registered members can call our Helpline on 020 3883 7976 on weekdays between 9am-5:30pm. If you’re not yet registered, you can do so here.
We’re also an Insurance Broker, so we can check the market for you to find insurance. If you’re in a higher risk area, we have a special facility with the Underwriters of Lloyd’s at our disposal to seek cover for your business.
If you want to discuss any of the above points, give us a call on 020 3883 7976 Monday-Friday, 9-5:30 and we will do our best to help you.
Every business is different, and we want to make sure you have the best options available to you, no matter how difficult the circumstances.
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