The Cost of Extreme Weather – Are You Fully Covered Against the Risk of Flooding?
In the wake of the torrential downpours across the UK in recent weeks, it is becoming increasingly apparent that these extreme weather events are becoming more frequent and more severe, often causing irreparable damage to homes and businesses. Here, Mike Dickinson, Sales & Marketing Director at Russell Scanlan, explains the growing need to ensure your flood cover is fit for purpose and won’t leave you out of pocket.
Recent events are just another reminder that flash flooding and prolonged torrential downpours mean we have to ensure greater protection for businesses and homes against what the weather throws at us. June is odds on to become the wettest on record as flood warnings were issued across the country and more than two months worth of rain fell in just two days in some places. With more thunderstorms predicted, it is time for us all to reassess our needs as these events become more widespread.
1 in 6 properties in the UK are currently at risk of flooding – however a worrying number of commercial properties do not have the correct level of insurance, with some businesses only finding out they are underinsured when their policies do not cover the true cost of repairing flood-damaged premises. As the weather risk grows, it’s time to dust down your policies and take a close look at the details to check on whether you are covered for all eventualities. By taking advance action, businesses can save not only some of the time and stress that comes with such an event, but also protect valuable equipment and lost stock.
The correct level of cover is key, but additional measures can be taken to back up your claim if you’re flooded. Prevent water from entering the building with flood gates, air brick covers and non-return sewer valves and reduce repair time with small changes such as replacing carpet with hard floors and raising electrical points.
On top of flood and contents cover; other business factors may need taking into account as the risk continues to grow. For example, if your business manages a fleet of vehicles, it may be important to review your policy, as third-party car insurance won’t cover flood damaged cars or vans.
Business interruption insurance is an often overlooked cover, yet it proves invaluable in the event of a flood. It covers any loss of income (or increased costs of working) if you are unable to work from your usual business premises. If your business has to be re-homed for months on end while drying out and repairs take place, this cover can help minimise the financial impact on your business.
Don’t wait until the worst happens. There has never been a better time to reassess the risk to your property. If you have any questions about your flood cover needs, don’t hesitate to get in touch with one of our team.