New SME Flood Insurance Product for BIBA Members
17th March 2022
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.”
More information can be found here
Notes to editors
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- About the British Insurance Brokers’ Association
The British Insurance Brokers’ Association (BIBA) is the UK’s leading general insurance intermediary organisation representing the interests of insurance brokers, intermediaries and their customers.
BIBA membership includes around 1800 regulated firms, employing more than 100,000 people. General insurance brokers contribute 1% of GDP to the UK economy; they arrange 72% of all general insurance with a premium totalling £74bn and 92% of all commercial insurance business. Insurance brokers put their customers’ interests first, providing advice, access to suitable insurance protection and risk management.
BIBA receives hundreds of thousands of enquiries per year to its Find Insurance Services, online and via the telephone, which are directed to insurance broking firms.
BIBA is the voice of the sector advising members, Government, regulators, consumer bodies and other stakeholders on key insurance issues.