WHAT do you do when your business floods three times within ten years? When premiums are forced up to unaffordable levels and your policy carries a massive excess? Or even when your insurer won’t provide you with flood cover at all? These are the challenges that BHIB Insurance Brokers are helping their clients to overcome by providing event-based insurance from FloodFlash.
The problem for many businesses on floodplains is that whilst they need flood insurance the most, the market is not willing to provide it for them. In fact, 52 per cent of small businesses needing flood insurance don’t have this cover, facing a risk that could prove ruinous.
This situation leaves many businesses asking how to find flood cover that doesn’t break the bank. They no longer need insurance to replace their inventory or to repair damages; they need a financial guarantee to survive.
Adam and Ian of FloodFlash are catastrophe insurance experts and believe they’ve found the answer. It’s simpler than you might think. Parametric, or ‘event-based’ insurance, provides a settlement based on an event happening, rather than the damage incurred. Event-based insurance like this uses agreed limits (or parameters, hence parametric) – when these limits have been reached, the settlement is paid out. The pair built on this idea and set up FloodFlash.
FloodFlash base their insurance on state-of-the-art sensors that are installed outside the insured property. When the sensors detect a flood, they send the data to FloodFlash HQ and the payout is arranged. You don’t need loss adjusters to come round and assess the damage, so there are no long delays. You also receive the full payout amount agreed in your policy, so there’s no guesswork or haggling when it comes to payout time. All this adds up to businesses now having access to the cover they need.
* Available everywhere: no matter the risk or whether you’ve been flooded before
* No waiting: Floodflash pay out within days so you can get back to running your business
* No loss adjustment: the level of cover agreed on your policy is what you get
* No exclusions: spend your pay-out how you want; recover your way
* No excess: because the last thing you need after a flood is a large outlay before you can start recovering
Get a quote for your business by emailing or call 07403 960826
FloodFlash is a coverholder at Lloyd’s of London and is authorised and regulated by the FCA.
BHIB Insurance Brokers is a trading name of BHIB Limited. Registered office is AGM House, 3 Barton Close, Grove Park, Enderby, Leicester LE19 1SJ. BHIB Limited is registered in England and Wales number 829660. Authorised and regulated by the Financial Conduct Authority.