New affordable flood insurance available for small Lincolnshire businesses

This story is over

Small businesses across Greater Lincolnshire will now be able to apply for a new affordable flood insurance package.

The Federation of Small Businesses (FSB) has campaigned for fairer deals for small businesses, including working alongside British Insurance Brokers’ Association (BIBA) to address a variety of flood insurance and resilience challenges faced by small businesses.

The new BIBA insurance package, will help businesses in areas like Boston which struggle to access affordable flood insurance.

Up to now, a small but significant minority of high risk businesses have either been refused insurance or faced unaffordable premiums or excesses, a situation that will be exacerbated by the proposed 12% tax hike on insurance premiums.

Doug Balderson, Regional Chairman for FSB in Greater Lincolnshire and Peterborough said: “Our research shows two thirds of small businesses have been affected by severe weather in recent years especially in locations such as Boston and along the South Bank of The Humber.

“Small businesses are at the heart of our local community and economy and they need to be able to get back on their feet as soon as possible after a flooding event.

“Small businesses were not included in the recent Flood Re scheme to protect high risk domestic households. FSB has challenged the government and industry to provide a workable solution for small businesses which takes account of resilience improvements.

“BIBA has been the first to respond. They have set a new industry benchmark, providing much needed flood insurance for small businesses.”