Fylde coast -based business group hails flood insurance deal
A year on from the flooding which blighted parts of the county, thousands of small businesses are set to benefit from a new flood insurance package announced by the British Insurance Brokers' Association.
The Federation of Small Businesses said it had campaigned hard for 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.
It said the new BIBA flood insurance scheme should help the many small business in Lancashire and Cumbria who struggle to access affordable flood insurance.
Up to now, it said 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 per cent tax hike on insurance premiums.
Gary Lovatt, Lancashire and Cumbria Regional Chairman for the Federation of Small Businesses, said: “For the thousands of small businesses who currently struggle to secure affordable flood insurance, this is a welcome first step by the industry.
“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 community 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.”