Flood Risk - Don't let your business get swamped if the heavens openUncategorized
Storm water is heavy: each cubic foot weighs around 63lbs and its fast, running at anything between six and 12 miles per hour. In full spate, it is relentlessly destructive and unpredictable. At rest, it is often an unpleasant pollutant thats expensive to clean up.
The figures speak for themselves; average UK insured losses were £343 million in 2011 and average annual flood damage across the UK currently runs at around £1.1 billion - bigger than the yearly budget of the Environment Agency. Risk is escalating with current estimates indicating a potential rise to annual damage totals of £27 billion a year by 2080. Today, around 300,000 business premises are at risk of flooding in England alone. To cap it off, friction remains between insurers and government regarding the maintenance of flood defences.While its up to the politicians to manage how best to deal with the problem, its down to you to manage an immediate risk that at best will hamper your business and at worst, stop it in its tracks.
As Made in the Midlands Patrons, Arthur J. Gallagher has some sound advice on how to perform pre-event risk analysis and how to take preventative actions to reduce the impact on your business should the worst happen. The right insurance policies from a broker expert in water risk management can make all the difference.