Insurance claims spike as businesses struggle to cope with the wettest April on record
[Simply Business], the UK’s largest business insurance provider, saw a huge 280 per cent increase in weather-related insurance claims between March and April 2012, with seven times as many recorded as the same period last year. The figures suggest that the unpredictable British weather has caught many small businesses unawares.
Based on claims data from over 200,000 businesses, the figures show that weather related claims made up 14 per cent of all claims received in April, compared to eight per cent in the average month. Of those, the biggest issue reported was storm damage affecting 96 per cent of claimants.
The region most severely impacted was the West Midlands, with 13 per cent of all claims resulting from storm or flood related damage, and business affected ranged from catering firms to beauty salons.
Jason Stockwood, CEO of Simply Business, commented:
“Long periods of rain always tend to darken the mood but the almost total washout in April reveals the more serious consequences this can have for businesses. Storm and flood damage doesn’t just affect properties and stock, it can have the significant knock-on effect of disrupting business. Insurance is therefore crucial to ensure companies can start trading again as quickly as possible.”
“With the rain forecast to continue for another few weeks yet, we would advise all business owners to ensure they take precautions to make sure their premises are as storm and flood proof as possible but also that they have the right cover to keep disruption to a minimum.”
For further information, please contact:
Sophie Howard / Ben Jenkins
+44 20 7009 3128 / +44 20 7009 814
About Simply Business
Launched in 2005, Simply Business provides an online brokerage service delivering policies tailored to individual business requirements. It has a team of UK based insurance specialists and employs almost 300 people across offices in London and Northampton.
Simply Business provides insurance to more than 400,000 UK SMEs and landlords and owing to its internal underwriting capability can cover over 1,000 trade types. It has been a Sunday Times Tech Track 100 company for the past three years and was recently named in the Deloitte Technology Fast 500 EMEA. Revenues have grown from £4.2 million in 2006, to £25.4 million in 2014, and the company has been named 2015 and 2016 winners of The Sunday Times’ Best Company to Work For.