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The Escalating Threat of Water Damage

Water damage has long been a thorn in the side of property insurance, affecting businesses of all types and sizes. In 2022, the issue reached new heights, with a staggering £987 million in claims, marking a 15% increase over the previous year. This means that, on average, businesses were facing around £2.7 million worth of escape of water losses every single day. But it's not just about the financial burden – it's the frequency and severity of these incidents that truly pose a significant challenge.

The Escalating Issue of Escape of Water

Escape of water incidents continued to wreak havoc on both residential and commercial properties. These incidents aren't just costly; they're alarmingly common and can lead to substantial disruptions for business owners. The rising costs of repairs can be attributed to factors like the cost of labor, materials, and the extended drying time required for modern construction materials.

Why Action is Crucial

The impact of escape of water incidents is immense, especially for commercial properties. Insurance companies frequently deal with six-figure claims arising from these incidents. Large-scale water systems, such as heating systems, air conditioning units, coffee machines, and water coolers, often compound the problem. Additionally, the architecture of commercial buildings can turn a seemingly minor leak into a costly disaster. Moreover, water damage incidents can go unnoticed for extended periods, particularly if they occur outside of working hours.

Taking Action

So, why should business owners act now? This guide from Zurich Insurance offers insights into the common causes of water damage, preventive measures to mitigate potential losses, and guidance on crafting an incident response plan. It's time to protect your business from the escalating threat of water damage and ensure business continuity.

Don't wait until the next escape of water incident costs you time, money, and peace of mind. Download the Zurich Insurance guide now to safeguard your business against this ever-present challenge.

Escape of Water - Property Managers Guide
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