The Public Liability Insurance Blog

Small business losses due to flooding will be higher than reported says YOUR Insurance

who and whatNews that insurers paid £373m to 47,000 businesses following flood and storm claims last year is the tip of the iceberg when it comes to losses says http://www.yourinsurance.co.uk/

In a recent survey*, the online small business insurance provider found nearly one in three - 27% - of firms had lost income due to flooding, fire, vandalism or theft last year and of those, half failed to recoup their costs.

YOUR Insurance believes that whilst the Association of British Insurers confirmed it paid a further £40m to help firms continue transacting whilst their premises were under repair, the trading and property losses to small businesses are much higher due to so many 'going it alone' and not contacting insurers.

Spokesperson Annie Plaskett comments: "The majority of respondents report their trading losses were between £1,000 and £3,000. Given only half claimed a proportion of this back, the overall cost to small businesses will be much higher. Insurance is here to support those at the time of a crisis and reimburse them financially, so let's hope more take the help on offer in future.”

The Federation of Small Businesses estimates there are 4.8 million UK firms employing 23.9m people - SMEs employ around 14.1m staff.

Ends

Notes to Editors

* Online survey to 2000 businesses via Survey Monkey, responses collated over a week during Feb 13.

YOUR Insurance was set up in 1997 as a specialist online business insurance provider, sourcing cover via a panel of market-leading insurers.

YOUR Insurance is part of Towergate Underwriting Group Ltd - Europe's largest independently-owned insurance intermediary offering over 200 specialist insurance products. It’s authorised and regulated by the Financial Services Authority.

Media Enquiries

Annie Plaskett, Marketing Manager, YOUR Insurance, T: 01483 448741 or E: Annie.Plaskett@towergate.co.uk