Flood insurance for small businesses

8 Dec
This extract from the link given below, shows that it is not just band H domestic properties which will be affected by crippling costs of flood insurance (Anyone thinking of locating to Sidford Fields, take heed!)
Customers living in properties built since 2009, those living in council tax band H properties and small businesses are currently excluded from accessing cover under Flood Re.
However, they are included under the existing industry agreement, the Statement of Principles, which protects businesses with up to 49 staff.
Trudgill said: “We think it is important to help small businesses with a turnover of less than £1m and less than 10 staff.  We have had many members raise concerns about flood insurance for small businesses, including cases where we have seen an increased premium for a property 2,000ft above a river and a business that moved next door and received a £2,500 imposed excess despite no flood history.”
Federation of Small Businesses national chairman John Allan said: “It is of deep concern that government has chosen not to include small businesses in its Flood Re scheme. FSB research shows one in five small firms were affected by flooding last year alone. If they can’t use this scheme, small businesses in areas at risk of floods will be forced to pay exorbitantly high costs to be insured against this threat. We want the government to think again on this issue and we will be looking to parliamentarians to table amendments to the forthcoming Water Bill.”

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