Insure your business against flood damage

Once you have assessed your flood risk, make sure you are properly insured. Flood damage should be included in standard business insurance for areas of low risk. However, you may have to buy it as an option, if you are in an area of significant risk.

Bear in mind that floods can be very expensive. As well as replacing stock and repairing damaged premises, your business could be disrupted for weeks or months. Check your insurance cover includes business interruption and other costs.

Business interruption insurance compensates a business for lost income, expenses and profits if a disaster, such as a flood, forces you to stop trading. It can be added to your policy if it is not included as standard.

The cost of the policy depends on the type of business and premises, your location and the length of disruption. By taking risk-reduction measures you may be able to cut your premium or level of excess. Discuss this with your broker or insurer as they will often be able to help identify which measures to take.

Thinking ahead will help make any insurance claim as straightforward as possible. Keep your insurance policy and an inventory of important possessions somewhere safe above flood level, such as an upper storey of the building. You may want to keep photographic evidence. An independent appraisal of the potential cost of repairs and replacements can also help.

If you are flooded, contact your insurer immediately and make sure that you keep complete records of everything you do.

NI Direct: What to do after a flood

UK Fire Service: After the flood has finished

Further information

British Insurance Brokers Association: Insurance broker listings

NI Direct: Preparing for a flood

SEPA: Preparing for a flood (PDF, 802K)