Property damage caused by escaping water is one of the most common types of insurance claims.
The Association of British Insurers estimates that insurers pay out around £1.8 million per day for water damage claims in peoples’ homes.
In business premises, the effects of water damage can often be more complex and costly. Work can be brought to a standstill as a result of damage to the building, computers, business equipment, furniture, fittings or stock. And the ensuing clean-up operation can add to the business interruption.
In multi-storey or multi-occupancy buildings such as office blocks, retail outlets and hospitals, the risk of something going wrong can be multiplied due to the number of water outlets throughout the building, such as toilets, sinks, showers, and air conditioning systems.
There can be many causes of a leak - from changes in temperature or water pressure, general wear and tear, or poor workmanship.
Water damage incidents typically involve the following:
Many modern buildings will have plumbing pipework concealed behind walls, so with water leaking unseen it can take days, weeks or longer for a problem to make itself known. This usually appears as damp patches, black mould and, in the worst cases, fungi growth.
So, what steps can businesses take to minimise the risk of escaping water?
QBE customers can access a team of in-house risk management experts, who can help formulate a tailored risk management approach for effective solutions and improved outcomes - including protecting employees, making claims less likely, and potentially reducing insurance premiums. You can find out more about how QBE helps businesses to manage risk at https://qbeeurope.com/risk-solutions/
Finally, a reminder that if you have an incident and need to make an insurance claim, it’s important that you report it as soon as possible, ideally the same day. Reporting a claim early can save time and help you to receive any claim payments faster.