Commercial Insurance Updates – New Flood forecasting Service Launched

In recent years flooding has been a big issue for businesses and homes all across the country.  Commercial insurance has felt the effects of flood damage claims and this has pushed prices up in many areas.

The good news for insurance companies and businesses is that a new flood forecasting services has now been launched in Scotland.

  • This will help those living and working north of the border to plan for flooding and take steps to protect their assets.
  • It is thought that this new flood forecasting service could help reduce the need to make claims following flooding disasters.
  • This would be beneficial not just for insurance companies but also businesses as it could help to keep commercial insurance premiums from increasing into the future because of flood claims.

Flood Forecasting Service

The new flood forecasting service has been set up jointly between the Scottish Environment Protection Agency (SEPA) and also the national MET office.  The Scottish government has boosted the initiative with over £700,000 worth of funding.  This service will offer a number of benefits including:

  • Early warnings and risk notifications of flooding to vulnerable areas across Scotland.
  • This will enable businesses to take evasive action such as moving stock to higher ground and putting out sandbags and barriers to divert water from buildings.
  • This could help to reduce the need for businesses to claim on their commercial insurance for damage that can be caused by flooding.

Commercial Insurance

If you do own a business then it is important you keep up your commercial insurance policy.  This can provide you with essential protection against risks such as flooding.

  • Without the right insurance in place you could be facing significant costs if your business premises, stock or equipment are damaged by flooding.
  • This could be a financial burden your business is not strong enough to withstand.
  • Too many businesses have suffered fatal setbacks due to a failure to provide adequate financial protection with the right insurance.

Contact the Business Octopus now 0161 968 2041 to find the right commercial insurance quote for your business budget and requirements or you can get a quote online.  This will ensure you have the protection you need for your future.