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Flood insurance relief for small firms in Boston

Thousands of small businesses are set to benefit from a new flood insurance package announced by the British Insurance Brokers' Association (BIBA).

The Federation of Small Businesses (FBS) has campaigned hard for a fairer deal for small businesses at risk of flooding, including working alongside BIBA to address a variety of flood insurance and resilience challenges faced by small businesses.

The FSB says the new BIBA flood insurance scheme should help the many small business in the area which struggle to access affordable flood insurance. Up to now, a small but significant minority of high-risk businesses have either been refused insurance or faced unaffordable premiums or excesses - a situation that will be exacerbated by the proposed 12 per cent tax hike on insurance premiums, said a FSB spokesman.

Doug Balderson, Regional Chairman for FSB in Greater Lincolnshire and Peterborough said: "For the thousands of small businesses which currently struggle to secure affordable flood insurance, this is a welcome first step by the industry. We are particularly pleased that this scheme will recognise and reward small businesses which invest in flood resilience measures.

"Our research shows two thirds of small businesses have been affected by severe weather in recent years especially in locations such as Boston. Small businesses are at the heart of our local community and economy and they need to be able to get back on their feet as soon as possible after a flooding event.

"Small businesses were not included in the recent Flood Re scheme to protect high-risk domestic households. FSB has challenged Government and industry to provide a workable solution for small businesses which takes account of resilience improvements. BIBA has been the first to respond. They have set a new industry benchmark, providing much needed flood insurance for small businesses."

Businesses having difficulty accessing affordable flood insurance can contact BIBA's Find a Broker Service on 0370 950 1790.

FSB members can contact FSB Insurance on 0345 76 26 158, or visit FSB Insurance Service's website for further information.

Plan for your emergency

Businesses are also being urged to have in place a business continuity plan so they can get back trading as soon as possibvle after an emergency such as a flood.

A Business Continuity Plan is an essential document containing all the information required in one handy folder; from the concealed location of the premise's stop cock to its insurance policy number.

It includes a tick box guide of actions to take to deal with the immediate emergency and then to make a quick recovery and get back to business.

Any business can have help from Boston Borough Council to put together their own Business Continuity Plan, tailored specifically for their business, and it's free.

Contact with Ronnie Myers, Emergency Planning and Business Continuity Officer, to complete one.

Ronnie said: "The plans are individual and specifically designed to help businesses recover from any emergencies they may face in the future such as flooding, a fire, loss of power, computer systems failure and more."

Business owners interested in having a plan for their business should contact Ronnie on 01205 314 444 or email to ronnie.myers@boston.gov.uk