New SME flood insurance product for BIBA members


The British Insurance Brokers’ Association (BIBA) has launched an extension to its flood scheme to help protect small- and medium-sized entities (SMEs) against the financial impact of flooding.

Only available to BIBA members and launched in conjunction with Mi Commercial Risks, the product provides flood-only cover for either a £25,000 or £50,000 limit, in the aggregate in the period of insurance, for businesses with less than £1 million worth of assets.

The product is designed to be bought alongside a standard commercial package policy to provide some flood cover if there is a gap.

Aimed at small businesses such as restaurants, shops, hairdressers and other SMEs, it covers flood damage plus additional costs including replacement of property, clean up, and moving to or from additional premises, along with securing the premises, defending against further flood damage and additional staff costs. 

There is a simple fast-track claims process with the policyholder being in control of how they best use the funds to get their business up and running again.

Mike Hallam, head of technical services at BIBA, commented: “Members have asked for this product and smaller businesses want it too so it’s all-round good news. Our existing flood scheme has proved valuable to members but now it aims to offer cover for all types of clients whether through the main scheme or this new extension.”

James Wheddon, managing director at Mi commercial Risks, added: “Supporting BIBA on this important scheme by creating a product that matches the needs of SMEs and their brokers who were previously struggling to find cover is a demonstration of Mi Commercial Risks’s innovative approach.”


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