Retail insurance brings many considerations. Even short-term interruptions to the flow of stock or customers can cause lasting damage. Business in the Community estimates that 40% of small businesses do not re-open after catastrophic flooding.
Many shops cannot afford a large flood loss. COVID-19 closures have made this problem even worse. Unfortunately, the risk of flooding does not let up during a crisis. And whilst many businesses urgently need protection, insurers are reluctant to quote.
Fortunately, there is a retail insurance solution for even the worst flood risks. British retailers of all sizes are using FloodFlash to cover their flood risk. Here are the top reasons why…
High streets have taken a real bashing over the last few years. Rising rents place retailers under huge pressure. That isn’t the only source of disruption though. Many high streets have played host to devastating floods.
Many insurers deploy excesses or remove cover after flood claims. Some even deny cover to properties on the risk alone. FloodFlash provide retail insurance quotes for flooding that sit alongside the primary insurance. Even properties that have flooded multiple times can benefit from rapid-payout cover so retailers no longer have to go without adequate cover.
FloodFlash commercial flood insurance works for any commercial property no matter what sector the business is in. As long as the address you are looking to insure is used not primarily a residential address, FloodFlash can provide insurance.
Here are some examples of where FloodFlash can help:
FloodFlash can be used for any retail premises, regardless of the activity. Only homeowners don’t currently have access to FloodFlash. Everyone else can request a quote.
Flooding has very obvious and damaging consequences to retail owners. Customers lose access, stock supplies may suffer, and that’s before considering damage to existing property and stock. Take into account that bills and wages don’t go away during a period of closure and the costs can mount very quickly. If a retailer has access to other distribution premises or online that can help reduce the pain but alternative delivery methods bring their own costs too.
Even if you have insurance in place you will still face some of these issues whilst you wait for the claims adjustment. In fact, traditional insurance often takes months to settle in full. When flooding stops sales turnover in the short term, slow payouts can put significant distress on the business.
FloodFlash is different. When Storm Ciara hit on Sunday 9 February, FloodFlash paid claims in full just 26 hours after the floods hit. By the end of the week money had arrived with every client. For businesses that choose rapid-payout insurance, repairs begin faster and shops can reopen their doors faster.
When you choose FloodFlash for the flood risk of your retail insurance there are no restrictions on how you use the money. If a flood hits, you can assess the damage and what you need to keep your business on track then apply the funds as you see fit. This may mean deploying more staff for deliveries, organising alternative locations or replacing stock. FloodFlash claims can also be used to cover intangible losses like lost sales or reputational damage.
FloodFlash clients have even used money from claims to invest in flood resilience. When the next flood comes these businesses are better placed to recover even faster.
Many business managers are aware of their risk. It is common that risk-aware retail managers have taken out flood defences to protect the business. Floodgates, pumps, non-reverse valves, all of these contribute to making a business more resilient. And all efforts that reduce flood damage the shop might incur can lead to a cheaper premium.
FloodFlash is flexible. You choose the flood depth that you want to cover. Then choose the amount of money you receive when that depth of flooding happens. If our example store installs flood gates that are 50cm high, they can choose a trigger depth of 50cm rather than 20cm. This makes the premium significantly cheaper.
Shop owners across the UK are already turning to FloodFlash for their retail insurance. If you want information, or to request a quote, visit the homepage or contact us via your broker.