The effects of the Boxing Day floods across the north of England and Scotland last year have been devastating for many small businesses, reports The Guardian.
The government introduced the Flood Re scheme to provide affordable cover for private homeowners, but this doesn’t extend to small businesses, which is something the Federation of Small Businesses (FSB) has called on the government to address.
Mike Cherry, the national chairman for the FSB, said: “We have pushed the government hard to explore options for small businesses which aren’t covered by Flood Re. As a result, the government has set up a high-level, industry-led working group to consider how best to increase small business resilience. We hope to see the government report on progress before the summer.”
Flood damage can be disastrous for any business and because of the unpredictability of UK weather and with so many areas susceptible to flooding, one unexpected severe storm can trigger widespread damage. Therefore, it’s wise to review and update your flood plan annually. But remember that even if you are prepared, flood damage can still occur, so be sure also to have a good level of business insurance in place to cover your business for all eventualities.
Nevertheless, many small businesses are still suffering the effects of the Boxing Day floods, as shown by one restaurant owner in Winner Winner who found that stock, kitchen equipment and furnishings were destroyed by four-feet of sewerage-contaminated water. In the town of Waterhouse, a clothing store owner said he had lost half of his stock, as well as fixtures and fittings. Luckily, both were covered for business interruption, in addition to their regular business insurance.