As local firms face the aftermath of atrocious weather, Lyndon Wood the CEO of insurance brokerage, constructaquote.com, reveals what steps businesses should take next on the road to recovery
As business owners begin the arduous task of cleaning up offices and shops following weeks of severe storms resulting in flooding, many will now be looking to claim on insurance policies to get companies up and running once again.
Firstly, it is vital that business owners check their individual insurance policies to see exactly what their insurance will cover them for.
According to the Association of British Insurers (ABI), commercial polices will cover damage to premises and the stock. Business interruption cover (which may be included or purchased separately) will cover additional trading costs, such as hiring temporary alternative trading premises if necessary.
Lyndon Wood, CEO, constructaquote, said: “This is such a difficult time for everyone affected by the flooding. It is essential now that business owners read up on their individual policies and get in touch with their brokers or insurers immediately.
As a company, we’ve set up emergency funding for our own employees that have been affected. It’s important to have such measures in place and insurers do have emergency measures in place to ensure businesses can get back on their feet quickly,” he said.
With masses of personal possessions ruined or damaged by the flooding, insurers do not want to hold up the recovery process by delaying the removal of flood damaged items. It will help the insurance claims process to have as much detail as possible about items which have been ruined, but insurers do not expect customers to keep piles of damaged belongings, so once you’ve spoken to your insurer you can:
• List details of damaged items and take photos of them wherever possible before they are moved. For items like carpets and soft furnishings, try to take a cutting.
• Many drying and restoration companies can fully restore water damaged items, so if you are able to store them in the garden it may be worth keeping them for inspection and repair if possible.
In a recent press release, Laura Hughes, Manager, General Insurance, ABI, said: “Storm Dennis followed hot on the heels of Storm Ciara, and insurers were ready for it. Their first priority is to help those homeowners and businesses who have suffered damage recover as quickly as possible. This will include making emergency payments and arranging temporary alternative accommodation if needed.”