The Public Liability Insurance Blog

Floods and insurance

The wonderful weather that we have here in the UK has brought a spectacularly damp end to an already waterlogged summer. Although for most people this is cause for a little bit of grumbling and mild irritation that they left their umbrella in the car again, for the insurance industry it’s extremely unsettling news as they brace themselves for a wave of flood damage claims.

Employees According to the Association of British Insurers (ABI), approximately 200,000 homes across the UK are at serious risk of flooding with an extra 2.4 million homes at a slightly less serious risk on top of that. By the end of 2012, the amount claimed for flood damage is expected to breach the £500 million mark after the deluges suffered in the North of England, Wales and Scotland.

On top of damage to cars and property in general, businesses are also massively affected by flooding. Not only does a large volume of water unexpectedly entering your premises cause a lot of expensive damage, it can also stop you trading for a prolonged period of time.

With flooding dipping in and out of the news at the moment and the constant threat of more flooding on the way, it might be worth thinking about whether you could be affected by it. Even if you’re not on the banks of a particularly notorious river, or in an area which is used to being underwater, you could be unaware of exactly how much you could be affected by heavy rain, especially if you haven’t been trading in the area for very long.

Checking your current insurance package to see if you’re covered is worth five minutes of your time. If it turns out that you’re not as insured for flooding as you’d like to be, YOUR Insurance will be happy to fix that for you and also find you a decent public liability insurance policy that caters to your needs if required. You could also double check with your existing broker to see if it’s something they can help you out with too as it might be as simple as bolting on an extra feature for a small increase in your premium.

Exact details on what you’re covered for in relation to flooding are most likely to come under the building cover and business interruption sections of your policy. It’s a good idea to double check what you’re covered for and whether or not you need to invest in some extra insurance or maybe a couple of sandbags.

YOUR Insurance specialises in public liability insurance packages for small and medium sized businesses involved in many different trades and professions. You can compare quotes for your business online, or call one of our advisors on 0800 107 8949.