UK Businesses Underinsured Against Flooding

Businesses claiming against flood damage discover their insurance pays out less than expected

One of the UK’s main claims management companies recently stated that during the adverse weather conditions that have swept the UK, over 25% of companies who lost data did not back up and did not have the losses correctly insured. This resulted in catastrophic effects on their business.

With over a month’s worth of rain falling in just a single day in the North of England, more misery settled upon the residents and businesses in the areas affected.

The main purpose of Insurance for many is to offer some protection in times of need, however what is being delivered is not often appropriate as discovered by claims management teams and loss assessors throughout the UK. After the recent years of flooding, Insurance is becoming more difficult to obtain and where possible the cost can sometimes be bordering the unaffordable.

Business discover upon claiming that many things are conditional based on small print that went unread, procedures that went unplaced and area of business continuity that went unmanaged. The insurance company will often write the policy leaving the business to ensure it has delivered the correct information and put in place additional solutions that will ultimately protect it during times of flooding.

The Insurance Company won’t provide the computer backup required to safeguard the lifeblood of the company, or the sandbags and other true elements that will help the insured party. They will be there after the event to assess and pay out. Sadl it’s during the gap between event and payout that business may go bust.

Anthony Ryb, director at Depositit business continuity systems comments:

Businesses need to be more proactive in their business continuity processes and not rely solely on their insurance provider. Simply putting in place an Insurance policy does not go far enough as it may tick off the box that you’re covered to some degree but it often doesn’t give any thought to what’s actually needed to help a company prepare and survive any downtime which is ultimately the make or break of a firm.

Companies should speak to their Insurance company or broker who will often be able to provide support and assistance including a Business Continuity Planning tool.

Depositit are leading providers of data security and Business Continuity Solutions to small business throughout the United Kingdom.

Founded in 1999, Depositit set out to make Business Continuity available to all companies and support Insurance companies and Brokers in provisioning secure solutions to policyholders.

Depositit
78 York Street
London
W1H 1DP

Anthony Ryb
anthony@depositit.com
0845 1200 510

This release was published on openPR.