Business insurance operates on a different basis to household insurance, usually through a broker. There is a list of specialist brokers through the British Insurance Broker Association Find a Broker scheme. We may also be able to give limited help through our advice line.
Small businesses are increasingly struggling to get insurance in high flood risk areas. There is no scheme such as Flood Re to help them access insurance. This can have severe consequences, because as well as not being able to claim for losses if there is a flood, it can create difficulties in getting loans, managing cashflow, acquiring property and entering in to contracts.
Here are some tips when taking out the insurance policy.
When asking for a quote it is important that you tell the whole truth. The danger of not doing so is that you invalidate your policy and you will not be able to make a claim should you need to. You should avoid the temptation to overlook a previous flooding incident or a nearby ditch.
READ THE POLICY
Make sure that you read the insurance policy in full before purchase to make sure that it covers you and meets your needs. The cheapest policy is not always the best.
Be thoughtful when thinking about the value of the goods and property being insured. Whilst you don’t wish to be overinsured, underinsurance can result in only part of your claim being paid.
Do keep receipts of major items purchased for future reference. Photographs of your rooms and contents may also be useful if you need to make a claim at some future date.