of SME’s don’t reopen after a flood
of small businesses on floodplains don’t currently have flood risk insurance
commercial properties have a recognised flood risk
Why do I need Flood Risk Insurance?
Flooding is becoming more and more common in the UK. The frequency and impact of storms in this country is increasing and whilst flooding may not be preventable, being aware of your own risk will allow you to prepare should the worst happen.
In many areas, it can now be difficult to obtain flood risk insurance for your business as part of your commercial insurance package. We can offer a different solution. FloodFlash is an event-based flood insurance product available to businesses and landlords providing cover in locations that otherwise struggle to secure affordable policies due to their risk of flooding.
How does flood risk insurance with FloodFlash work?
Getting your required level of flood protection insurance has long been a complicated process for businesses. Working in partnership with FloodFlash, our team can provide you with flood insurance cover quickly.
FloodFlash offers parametric insurance which is available to businesses and professional landlords. Each policy is linked to a mobile-connected sensor installed at the property. The sensor then reports any flooding. When the agreed trigger-depth has been reached, the sensor alerts FloodFlash and the claims process begins – no documents required.
Step 1 – Select your ideal cover
You choose the trigger depth and payout value for your policy. Your location, business type and the height of business crucial elements, such as electronics or even your stock, will determine the ideal depth.
Step 2 – Getting your sensor installed
A FloodFlash engineer will visit your business to connect a flood sensor at your property. In the event of a claim, the sensor will provide all the verification needed.
Step 3 – Claim
As soon as the installed sensor confirms the chosen trigger depth has been reached by a flood, payment will be arranged
Is your business protected if it floods?
FloodFlash policies are for businesses and rental properties operated through a company – not domestic homeowners
Yes, although your standard commercial or property insurance may exclude flood cover, FloodFlash policies are available anywhere in the UK (excluding Northern Ireland). Quotes can be provided in 99% of cases, regardless of flood history
FloodFlash aim to pay all claims within 7 days. In most cases, where the sensor data can be easily validated, the claim will be paid much faster.
You can use the FloodFlash pay out in whichever way you feel is best to get your business up and running again. That could be renting alternative premises, repairing crucial equipment that’s been damaged – or hiring a replacement, or simply dealing with the immediate impact of having flood water in your building.
You can choose to have just one trigger depth or up to three trigger depths – each with their own pay out value. Having multiple trigger depths can significantly reduce the premium.
FloodFlash policies cover all naturally occurring floods, including floods caused by heavy rainfall or melting snow, rivers bursting their banks, groundwater and storm surge along coastlines. It even covers flooding caused by dams or canals overflowing or being breached.
FloodFlash doesn’t cover flooding due to burst pipes (sometimes called escape of water). It is likely that this is covered under your existing insurance and our team will be happy to discuss this with you.
The FloodFlash sensor is powered independently, and uses mobile communications to send any data. This ensures that a sensor will remain fully operational during a flood event, even if you lose power at your property.
The sensor has a memory chip that records all the readings. If for whatever reason the network drops, the sensor can transmit all the historical readings when the network is back online. If that takes a long time, we can even pay the property a visit and take readings directly from the chip.
To make installation easy – and safe, particularly whilst we’re living with COVID-19, the FloodFlash engineer will install the sensor for you. The engineer will arrive on site on the day of installation with the sensor and the installation can be overseen from a safe distance.