With yellow weather warnings in place across many parts of the country this weekend, one of Wales’ leading insurance brokers is urging at risk businesses to ensure they are protected.
The Met Office has issued a weather warning for Storm Eunice, which is likely to affect the UK on Friday bringing a period of very strong winds that could cause significant disruption.
The impact of flooding can be devastating for businesses, and as sea levels are rising across the globe, severe flooding seems less of a risk and more of a certainty. Business owners in high-risk flood zones are concerned that getting insurance is a near impossible feat, but Robert Lewis, Corporate Broking Director at Towergate Insurance Brokers, says there is now protection in place for the most vulnerable.
“Some Welsh businesses are still recovering from the severe flooding in early 2020 as they weren’t covered for such a disastrous, unprecedented incident. Business owners are concerned that their business may not be covered should that happen again, but as long as they take the right steps now, they don’t need to worry.”
In recent years, there are a number of innovative solutions that the UK insurance industry is providing to ensure that business owners facing flood risks have a credible solution, as these risks rise.
Robert said: “Flood Excess has been developed with the help of the UK’s foremost flood prevention and restoration experts and a claim can be made even if the loss value is lower than your flood excess. There is also the British Insurance Brokers’ Association (BIBA) Scheme, which supports the underwriting of nonstandard commercial flood insurance through comprehensive policy coverage.
“FloodFlash is another offering, using data samples to generate a probable forecast in order to offer alternative risk solutions that enable organisations to finance or transfer risk in a non-traditional way. It does not use loss adjustors in the event of a flood, nor are there policy wordings to consider. If the flood trigger depth you selected has been breached, the product will pay the full amount insured.
“Anyone who is concerned about flood risk should talk to their insurance broker, new solutions are available to ensure that UK businesses, even in high-risk flood areas, can continue to be covered. Your broker can help you understand the different offerings, and help you decide which is best for your business.”