Did you know the cost of flood damage to SMEs following last winter was over £830 million? Stats released via the Federation of Small Businesses (FSB) showed Somerset in particular suffered financial losses of over £17,000 per business.
The worrying issue is that not only did small businesses suffer a financial hit in repairing flood damaged property; they are now being faced with serious worries about future insurance.
An article by Green SME News earlier this month, shows just how vulnerable small businesses are to the financial threats that come with extreme weather conditions. With flooding only set to continue, and according to many sources, get worse, SMEs must recognise their exposure to the risk and take action to mitigate damage. http://greenwisebusiness.co.uk/news/weak-financials-and-exposure-to-flooding-putting-thousands-of-uk-smes-at-risk-4477.aspx#.VDY83fldWSq
An infographic published by AMEE takes a look at data to analyse SMEs exposure to flood and financial risk.
With thousands of businesses already affected around the UK, UKFB urge SMEs to take action and be prepared.