Almost half of small UK firms are unprepared for severe weather
Too wet to shop?For small businesses relying on footfall and customers through the doors, severe weather poses an even greater threat to profits. Retailers that adopt a bricks and clicks? strategy using a web presence alongsidethe in-store offering can combat against this additional loss of revenue by reaching their customers even when they decide to stay indoors.
No insuranceThe study also found that over two-thirds of small firms remained uninsured from the effects of’severe weather. It was estimated that the average small business risked damage to property and assets worth 523, 934 from flooding, high winds and heavy snow. Commenting on the findings, Towergate’s advisory CEO, Joe Thelwell, warned small business owners to ensure that proper continuity plans were in place to protect against lost business and unexpected bills? as a result of severe weather damage. with millions of people’s livelihoods depending on SMEs, it is crucial that these businesses take steps to better prepare for bad weather so they can get up and running as soon as possible, Thelwell said in a statement. practically, that could include backing-up computer systems and records, identifying contingency premises or taking out specific policies.? The below table, provided by Towergate, demonstrates the regional breakdown of businesses that suffer the most from’severe weather.
|Percentage of small firms with lost revenue
due to bad weather
|Percentage of small firms without insurance
for bad weather