Many pressures dictate factory insurance decisions. Buyers, brokers and insurers must consider many aspects of potential damage to the business. Damage can come from anywhere; buildings, stock, machinery, processes, staff, distribution and order fulfilment can all suffer. The complexity associated with manufacturing businesses adds uncertainty.
When you add uncertainty to insurance the provider usually increases the premium to balance the equation. FloodFlash is different. It pays a pre-agreed sum when water reaches a certain depth. This reduces uncertainty and passes savings onto the business. Factories across the UK are already turning to FloodFlash for rapid-payout flood cover. Here’s five reasons why it’s worth considering FloodFlash for your business.
Factory insurance for flooding can be a tricky subject. Historically it made sense to build factories and warehouses near water. Rivers powered mills and canal routes distributed products far and wide. As the country continues to build and develop, commercial estates and former mills are under increasing threat from flooding. Traditional insurers often see the risk of flooding and see more uncertainty. The result? They increase premiums or add excesses and exclusions.
FloodFlash is not like traditional insurance. It uses a connected sensor to make use of the latest flood modelling. FloodFlash prices are accurate to an individual property – not a postcode. This specialist pricing means that you can get a quote even when other insurers are walking away due to the risk. And it is often far more affordable.
FloodFlash works for any manufacturing or commercial enterprise at any stage in the supply chain. As long as the address you are looking to insure is not used a residential address FloodFlash can provide insurance.
Here are some examples of where FloodFlash can help:
FloodFlash can be used to support any manufacturing process. Only homeowners don’t currently have access to FloodFlash. Everyone else is free to request a quote.
When a flood happens the first casualty is the production line. Long term flooding can mean serious interruption to the business. Worse still, flooding puts distribution and order fulfilment under significant pressure – particularly if supply dries up when local customers are affected by the same event. Traditional insurance can take months to settle claims. When flooding brings significant costs in the short term slow payouts can put significant stress on finances.
FloodFlash claims are different. When Storm Ciara struck the UK on Sunday 9 February, FloodFlash paid claims in full just 26 hours after the floods hit. By the end of the week all claims had been paid. Having the cash in the bank means that recovery begins earlier. That means repairs begin faster reducing overall costs and disruption.
As we have established, FloodFlash claims are not based on damage. You set the amount you want when a flood happens, and that’s what you receive. This not only speeds up payment, but also gives far more flexibility on how the money can be used.
Every business is different and each will spend the money in different ways. Machinery repair, hiring replacements, buy new materials or stock, clear access ways, pay staff wages, hire new distribution vehicles – you can use the payout in the best way to suit your business. FloodFlash payouts can also be used to cover intangible losses like loss of business or issues arising from failed fulfilment.
More and more FloodFlash clients use their claim to invest in flood resilience measures. That way their business is better prepared for the next flood that is coming their way.
Many businesses are aware of their risk and may even have flooded before. It is common that the business owner has taken out flood resilience measures. This might be installing floodgates or pumps alongside raising expensive machinery or stock. All efforts to reduce the flood damage a business might incur can lead to a cheaper premium.
FloodFlash clients choose the depth that they want to insure against and the amount of money they receive. For example, if a warehouse installed flood gates to a depth of 60cm, they can choose a trigger depth of 60cm rather than 20cm. This makes the premium significantly cheaper or allow the business to choose a large payout amount within their budget.
FloodFlash is great for any and all manufacturing business. If you want information or to request a quote, visit the homepage or contact us via your broker.