Advice against flooding
29th September 2023
Sheffield broker advice for small businesses to protect themselves against flooding
Sheffield broker advice for small businesses to protect themselves against flooding
As we move into the autumn months, Sheffield broker IFM Insurance is highlighting the importance of flood protection for small businesses.
Small firms can access FloodFlash, a rapid-payout flood insurance product which is available for all businesses and landlords in South Yorkshire and across the UK. FloodRe, the national scheme for providing affordable flood insurance to homeowners excludes businesses and landlords.
FloodFlash uses advanced risk-modelling and mobile-connected sensors to remove the costs, time and uncertainty associated with traditional flood insurance and works in three simple steps:
• Firms choose up to three trigger depths and pay out values for their cover.
• A FloodFlash engineer installs a mobile-connected sensor at a signed-up firm within 14 days.
• When a flood reaches the agreed depth, FloodFlash sends the firm an agreed settlement in full.
A report last year by FloodFlash highlighted the significant impact flooding can have on a small firm’s profitability and even survival. It found that 40 of small businesses close for good after catastrophic loss from flooding, and one in four of those who have been flooded in the past 10 years reported experiencing a ‘prolonged period of business interruption’.
Jamie Harvey, a Director at IFM Insurance Brokers said: “The risks to small business because of flooding can be severe and even result in the business becoming insolvent. Sadly, this situation is unlikely to improve due to urbanisation, increased frequency of extreme weather and climate change. By having FloodFlash installed, firms can have the financial security within days of being affected by a flood’.
