Farm News
New flood insurance
package for small businesses
» » THOUSANDS OF SMALL BUSINESSES
are set to benefit from a new flood insurance
package announced recently by the British
Insurance Brokers’ Association (BIBA).
The new BIBA flood insurance scheme
should help the many small business in
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.
The new was welcomed by the
Federation of Small Businesses (FSB) which
has campaigned hard for a fairer deal for
small businesses at risk of flooding, and
has also working collaboratively with BIBA
to address a variety of flood insurance and
resilience challenges faced by SMEs.
Simon Edmondson, Regional Chairman
for the Greater Manchester region
which was badly affected by floods last
Christmas, said: “For the thousands of small
businesses in our region that 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.
“We all know how bad the floods have
been in Greater Manchester in 2016 alone,
but our research shows around two thirds
of small businesses have been affected
by severe weather in recent years. It’s
not a problem that’s going away. 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. They have set
a new industry benchmark, providing
much needed flood insurance for small
businesses.”
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.
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Insurance Brokers
and Financial Advisers
Specialising in
agricultural insurance
Established in 1982
Victoria House
24-28 St Peter’s Churchyard
Derby DE1 1NN
Telephone (01332) 362367
Fax (01332) 296808
www.belmontregency.com
www.farmers-mart.co.uk Spring 2017 5