New SME flood insurance product for BIBA members
BIBA in conjunction with Mi Commercial Risks has launched a unique extension to its flood scheme to help protect SMEs against the financial impact of a flood.
Only available to BIBA members, the product provides flood only cover for either a £25k or £50k limit, in the aggregate in the period of insurance, for businesses with less than £1m worth of assets. The product is designed to be bought alongside a standard commercial package policy to provide some flood cover if there is a gap.
Aimed at small businesses such as restaurants, shops, hairdressers and other SMEs, it covers flood damage plus additional costs including replacement of property, clean up, moving to or from additional premises, along with securing the premises, defending against further flood damage and additional staff costs.
There is a simple fast-track claims process with the policyholder being in control of how they best use the funds to get their business up and running again.
Mike Hallam, BIBA Head of Technical Services commented: “Members have asked for this product and smaller businesses want it too so it’s all-round good news. Our existing flood scheme has proved valuable to members but now it aims to offer cover for all types of clients whether through the main scheme or this new extension.”
James Wheddon, Managing Director, Mi commercial Risks, added: “Supporting BIBA on this important scheme by creating a product that matches the needs of SMEs and their brokers who were previously struggling to find cover is a demonstration of Mi Commercial Risks innovative approach. The product is supported by London Market and Lloyd’s A rated capacity and is available alongside flood excess buyback cover.”
Authored by BIBA
The British Insurance Brokers' Association (BIBA) is the UK 's leading general insurance organisation representing the interests of insurance brokers, intermediaries and their customers.
BIBA membership includes 1,700 regulated firms. BIBA brokers handle around half the value of all UK home, contents, motor, travel, commercial and industrial insurance policies. Insurance brokers make a direct and indirect contribution of 1% to UK GDP.
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