Businesses urged to “wake up to threat of climate change” by the British Insurance Brokers’ Association.

Following the release of the highly awaited British government report warning that global warming could have a disastrous effect on the world's economy, shrinking it by 20%, the British Insurance Brokers’ Association says its concerned that too many businesses in the UK, particularly small and medium sized operations, are failing to plan for the impact of climate change.

There are expected to be an increasing number and severity of insurance claims from UK businesses following flood, subsidence and storm damage.
Yet far too few businesses are taking action to prepare and insure for such changes.

They are being urged to get ‘climate change wise’ and to speak to their insurance broker as a matter of urgency. "Take sensible steps to protect your business and employees, and to properly insure yourself so you are covered should the worst happen.”

For instance, some quick tips that businesses should consider include:

Regularly testing their Business Continuity plan to ensure it will operate in the event of a disaster
Ensuring business stock is not stored directly on the floor but raised at least 6 inches onto racking or pallets (to combat flooding)
Discussing the adequacy of sums insured and extent of insurance cover with their broker
Moving IT Servers from ground floor to a first floor location where appropriate (to combat flooding)
Engaging with regional climate change groups to provide access to expertise