Have the recent extreme weather conditions led you to consider your Insurance programme? Are you prepared for the potential weather-related damage to your business, as a bitter and tumultuous winter takes hold?
Touted as the soggiest autumn on record, The Met Office just logged the most rainfall EVER at its Sheffield weather station, where an epic half metre of rain has fallen since the beginning of September.
With massive damage to property, many businesses were left office-less and facing costly repairs. However, while flooding can cause damage to equipment, structures, and stock; sadly, it’s usually the financial repercussions of business being left unable to trade that leads to closure.
With more crazy weather forecasted, right now may be the best time to take advantage of our complimentary risk review. We’ll visit you in your place of work -free of charge – and thoroughly review the risks associated with your business. Using this data, we can create a bespoke insurance policy, tailored specifically to your needs.
In the meantime, here are some tips for tackling a premises flood catastrophe:
Flooded business; what to do
- Notify your insurance company of flooding.
- You won’t yet know the full extent of the damage. However, you can quickly ascertain whether your insurance holders will provide the crucial alternative workspace and emergency funding to keep your business running.
- Prevent panic and notify your family and those of your employees that you’re safe.
- Initiate your business recovery plan
- Notify your customers of the situation, and, If applicable, inform them of any temporary disruption.
- Speak to your insurer – If your insurance company doesn’t cover an alternative workspace, you could consider relocating to a new office, or employees working from home, or if that’s not possible, renting a property on a short-term agreement.
- In severe and dangerous conditions, don’t return to the property until it’s deemed safe to do so.
Returning to your business post-flood
- Make a detailed record of the flood damage for yourself.
- Get in contact with your insurance company again. Once you’re safe to get into the property, you’ll need to arrange for a loss adjuster to visit. They will explain how the claims process works.
- In the case of rental properties, it may be the landlord’s insurer (and loss adjuster) who will be involved in assessing the damage to the building. Your insurer will determine the loss of stock, equipment, contents and interruption to business. To complete the process, you will need to liaise with both insurers.
A business recovery plan is crucial. Whether it be fire or flood, safeguard your business for the worst-case scenario. Back up your data and make sure your insurance policies are up to date. In the event of a disaster, record every detail with military precision.
While your insurance won’t cover all angles of potential loss, it’s essential to distinguish all known effects from the start. You can determine precise policy responses later on. Anything truly unusual will need a separate write-up.
Identifying all potential exposures ASAP aids the adjuster in making sound estimates. In the case of property damage, a file should be kept recording each category of damage and a corresponding rating of the loss. Keep this file meticulously updated to expedite a prompt response to insurer information requests.