Businesses must be treated fairly following flooding crisis

18th February 2014

Today, Chief Executives from the insurance industry will meet at Downing Street to discuss their response to the flooding crisis.

Commenting ahead of the meeting, John Longworth, Director General of the British Chambers of Commerce (BCC), said: -We support all efforts to help businesses get back on their feet following the recent flooding across parts of the UK. But we must be mindful that in many cases, there will not be a quick fix. "Many businesses have lost office equipment, goods and machinery worth thousands of pounds, and have been forced to leave their flooded premises. It will take a long time for them to recover these losses and rebuild their businesses - with some having to relocate or sadly even close. Thousands more will have been impacted by a loss of trade, staff absence, and disrupted supply chains. We will be watching insurers vigilantly to ensure that they pay out to affected businesses swiftly and fairly. "The task ahead is to ensure that businesses can recover once weather conditions start to improve. That means an SME insurance market that provides robust cover for businesses without sky-high premiums and excesses, investment to ensure resilience on our over-stretched transport networks, and on-going support for companies that need to restructure their finances and tax payments. -Chambers of Commerce are working flat-out to ensure that the business community looks after its own. Companies are offering local support and assistance, and Chambers are sign-posting businesses to support from government, local authorities, and other firms. We will do everything in our power to help businesses in need of immediate help. Yet firms across the UK tell us they also want assurances from government that they will not be left out in the cold once the media attention around the floods dies down.