FSB calls for small businesses to be included in flood relief plans

THE Federation of Small Businesses (FSB) – which represents 7,500 small firms in the Thames Valley – has called on the Government to offer more insurance protection for businesses when floods strike.

Many small businesses in the county have been severely damaged in the current floods sweeping through England and with the potential of more flooding to come in future years the FSB has called on the Government to provide better insurance safeguards to flood-threatened firms.

The FSB is urging MPs to include businesses in a new scheme currently going through Parliament designed to protect homeowners in high flood risk areas from excessive insurance premiums.

The scheme – called Flood Re – aims to ensure people living in flood-affected part of the UK can continue to find affordable flood insurance by placing a cap on the total cost they have to pay.

The scheme is a key component of the Water Bill currently being discussed by MPs but business properties have not been included in the plan – and the FSB says this must change.

David Knowles Leak, the Maidenhead based Regional Chairman of the Thames Valley Region of the FSB said: “We feel is it vital that the Government has a rethink and includes small businesses in its Flood Re scheme. And it would obviously be a very timely and welcome thing for the Government to do at the moment.

“FSB research shows one in five small firms were affected by flooding last year alone and obviously this year threatens to be even higher.

“If the Government doesn’t add small businesses in areas at risk to this scheme many will be forced to pay exorbitantly high costs to be insured against this threat and some may struggle to do so.

“We therefore urge the Government to think again on this issue at this particularly sensitive time and we urge MPs to table amendments to the forthcoming Water Bill to make it happen.”