Most businesses are aware of flood risk, but fewer than 50 have comprehensive cover

29th June 2021

Sheffield Insurance Broker IFM is reminding local firms about the importance of protecting their businesses against the risk of flooding.

This follows the Commercial Risk Report 2021 by FloodFlash, which revealed that although nearly three quarters (71) of businesses are aware of their flood risk, less than half (44) agree that they have comprehensive flood cover.  In addition, more than half (60) of businesses it surveyed with moderate to significant flood risk struggle to find affordable cover.

The report also showed that surface water was deemed the biggest flood risk to UK businesses.  What’s more retail (32) and industrial (21) properties make up over half of all commercial properties at risk of flooding

Last year IFM Insurance Brokers announced a new partnership with FloodFlash, to provide a rapid-payout flood insurance product. This flood insurance is available for many businesses and landlords across the UK.  FloodRe, the national scheme for providing affordable flood insurance to homeowners is not available for 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 the pre agreed pay out in full

Jamie Harvey, Director of IFM Insurance Brokers said: “This latest report clearly puts into sharp focus the challenge firms and landlords face when it comes to protecting their business from flooding.  With more unpredictable wet weather expected over the coming years due to climate change, local firms and landlords need to take action to protect their assets. FloodFlash is a solution which provides peace of mind and cover against unpredictable and in some cases devastating weather conditions.”