The Federation of Small Businesses (FSB) has backed MPs’ calls for more affordable flood insurance for its members.
A new Environment, Food and Rural Affairs Committee report out today recommends the government develops a grant scheme by the end of next year to help small firms install flood resilience measures.
The FSB said the committee is “right to highlight the problem faced by a small but significant number” of small companies.
“As winter approaches, it’s urgent that we find a solution for the thousands of small firms who currently struggle to find affordable flood insurance. They shouldn't be forgotten about,” said Mike Cherry, the national chairman of the FSB.
“A government grant scheme would go part of the way towards empowering small businesses to protect themselves from the growing risk of flooding.”
But Cherry also said the insurance industry should be finding a way to provide more affordable cover.
“We also want to see insurance premiums reduced for firms who invest in flood resilience measures,” he said.
“Businesses want to be empowered to help themselves. They are the lynchpins of their local communities but will increasingly struggle to provide that service as climate change leads to increasing flood risk.
“If they continue to be locked out of the insurance market, these businesses will close or move elsewhere, causing community flood blight.”