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05 December 2016

Flood insurance relief for small firms

Thousands of small businesses are set to benefit from a new flood insurance package announced today by the British Insurance Brokers’ Association (BIBA).

FSB has campaigned hard a fairer deal for small businesses at risk of flooding, including working alongside BIBA to address a variety of flood insurance and resilience challenges faced by small businesses.

The new BIBA flood insurance scheme should help the many small business who struggle to access affordable flood insurance. Up to now, a small but significant minority of high risk businesses have either been refused insurance or faced unaffordable premiums or excesses – a situation that will be exacerbated by the proposed 12% tax hike on insurance premiums.

FSB National Chairman Mike Cherry, said:

“For the thousands of small businesses who currently struggle to secure affordable flood insurance, this is a welcome first step by the industry. And we are particularly pleased this scheme will recognise and reward small businesses who invest in flood resilience measures.

Our research shows two thirds of small businesses have been affected by severe weather in recent years. Small businesses are at the heart of our local communities and economy, and they need to be able to get back on their feet as soon as possible after a flooding event.

“Small businesses were not included in the recent Flood Re scheme to protect high risk domestic households. FSB has challenged Government and industry to provide a workable solution for small businesses which takes account of resilience improvements. BIBA has been the first to respond. They have set a new industry benchmark, providing much needed flood insurance for small businesses. ”

We advise any business having difficulty accessing affordable flood insurance to contact BIBA’s Find a Broker Service on 0370 950 1790.

FSB members can contact FSB Insurance on 0345 76 26 158, or visit FSB Insurance Service's website for further information.