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Can Your Business Insurance Protect You Against the Great British Weather?

Can Your Business Insurance Protect You Against the Great British Weather?

The Met Office started naming storms on 10th November 2015, starting with Abigail, and, just 4 weeks later, we’re already up to our 4th storm, Desmond! The British weather has long had a reputation for being a little dull and drizzly, but at this time of year especially, it can be downright unpredictable… and a bit scary, too! Unfortunately, Desmond is already stirring up all sorts of trouble around Lancaster, and a number of businesses have had no choice but to close. With Christmas just around the corner, this obviously will have a significant effect on retail stores and restaurants – it’s their busiest time of year.

With so much unpredictability, and so much at stake, it’s important for businesses to ensure they have adequate business insurance to help them get back on their feet should they be affected by any of the future storms that will undoubtedly be heading our way. Flood coverage is, of course, a bit of a grey area when it comes to business insurance – some insurers will claim this to be an ‘act of God’, whereas others are changing their policies based on the unfortunate fact that flooding is becoming much more common. It’s worth checking business insurance policies to determine their stance on flooding.

However, what is much less of a grey area is accidental damage. A local Lancaster woman has been quoted as saying ‘outside the pub people were saying ‘let’s go and rob some shops – the CCTV won’t be working’. While hopefully said in jest, this demonstrates how storm-related losses aren’t always directly caused by the weather. Therefore, while you may not be able to claim for any damage that was directly caused by a storm, you may still be eligible for financial assistance in getting back on your feet for other types of loss experienced at the same time. This can go a long way towards helping you to reopen.

Companies should ensure their business insurance policies cover the following:

  • Contents insurance for damage to furniture and fittings
  • Accidental damage insurance for tools and equipment
  • Stock insurance to replace goods due to damage or theft
  • Finding a comprehensive business insurance policy that ticks all the boxes may sound challenging, but by comparing business insurance costs and policies online, it’s simple to see which policies meet your requirements. The BBC report that there has been an ‘increase in the intensity of rainfall in the UK over the past 60 years’, which is putting businesses at more risk of flooding than ever before. There has never been a better time to ensure your business is protected from the effects of the great British weather.