Business interruption—are you adequately covered?
While it’s important to ensure you have adequate flood insurance in place, many businesses underestimate the time it would take to get back to normal following a flood.
Business owners need to be aware that in the current economic climate, the repair or reinstatement of building structures could be longer than expected due to supply chain issues in the construction industry pushing up repair and recovery times. If the selected business interruption indemnity period is inadequate, it could have a significant financial impact on the business as it will have to recover its losses beyond this point.
It is worth highlighting that even if your own business premises has little to no damage, if the surrounding floodwater prevents safe access for a period of time, this can also lead to severe disruption to your business activities.
Flood risk management
Gallagher provides a risk management service, which includes flood inspection, reporting and surveys. Not only can we help you reduce your flood risk but we can help you negotiate terms to find a suitable solution to meet the needs of your business. We can also support you with your business continuity planning to help strengthen your resilience to these kind of events.
To speak to one of our risk management specialists, please contact our team on 0800 138 7538.