Huge numbers of businesses suffer each winter with the adverse weather that comes during the season. Learning from previous years, there are a few things that businesses should be considering.
Nearly 17,000 homes and businesses flooded during the winter of 2015-16, and this winter is supposed to be worse. Britain is expected to experience unprecedented rainfall, with records predicted to be broken by up to 30% according to the Met Office.
The Environment Agency suggests that 1 in 6 UK properties are at risk of flooding. Floods can’t be completely avoided, but there are
a few things that you can consider doing to minimise the potential damage they can cause. Not only will a flood damage your premises, but it will also cause most businesses to stop their operations in their tracks. Large numbers of businesses will not be able to recover following a catastrophe and you want to make sure that yours isn’t one of them.
Make sure you have the right sums insured for your property.
If you are found to be underinsured in the event of a claim, it is likely that your insurer will apply ‘average’. This essentially means that whatever percentage underinsured you are will be applied to any claim you make. We are helping our clients to insure for the right amount with our Rebuild Cost Assessment Service. It is only £102 to use this service on a commercial property and you will receive a report that is stamped by a RICS Chartered Surveyor. This is a fraction of the cost of an on-site survey for the same peace of mind.
Develop a continuity plan
Your plan will be unique to your business and should identify each risk your business faces and a strategy you will take to address them. These can be complex documents and expensive to put together but we can give you a complementary template and guidance as part of our service to you. Speak to your usual A&T contact or call Mark Hasell on 01202 754900.
Business interruption insurance
Vast numbers of businesses already have business interruption insurance which is great to see, but one thing we find too often is that businesses underestimate how long it will take to recover following a catastrophe. As part of the Rebuild Cost Assessment Service, the report will help identify how long any building work would take to get you back to the position you were in before suffering a loss. In addition, we have a great tool to help assess the levels of cover you need, helping to take out the guesswork. Talk to the team today on 01202 754900.