Government works to reduce business insurance claims

Companies that have seen their bottom lines eroded from damage caused by severe flooding will soon have the benefit of having to make fewer claims on their business insurance policies as a result of new activity by the Government to increase protective measures for local communities.

The Environment agency has partnered with the  Department for Environment, Food and Rural Affairs in order to provide a new consultation on flood management for the country, something which will work to reduce how much companies will have to rely on their business liability insurance in the event of flood damage.

The new flood management consultation for the nation aims to significantly increase how involved local communities are in the planning and prioritising of defences against the flooding that can accompany harsh weather conditions and severe storms.

The importance of building and implementing flexible flood management plans was highlighted by the recent floods that devastated many Cornwall property owners and businesses, causing them to have to rely on commercial insurance payouts to recover.

Caroline Spelman, environment secretary, remarked that the newly adopted strategy will give businesses and communities higher levels of power to influence the ways they will be protected.  This is especially timely due to the prediction of more extreme weather in the not-so-distant future, Ms Spelman added.

The Environment secretary also stated that involvement on a local level means that funds and planning can be specifically tailored and prioritised.

Any company that operates in an area that is prone to flooding is urged to make their views known as a part of the consultation, which will focus on highlighting areas of deficiency and sharing good practice in strategies regarding flood management. Industry experts also encouraged any company located in a flood danger area to make an investment in flood barriers and any other kinds of items related to the flood management market.

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