Over a million small businesses do not have adequate flood and fire cover, according to AXA Insurance.

The insurer's latest report found less than a quarter (24%) of small businesses view flooding as a threat to business survival.

AXA commercial property manager Neil Mercier said: "These findings are a cause for concern. It seems that small businesses are ignoring these risks, or assume, in some cases, that their buildings and contents insurance offers adequate cover against flooding and fire.

"While this cover will help them to replace buildings and contents, it is much harder to recover from the damage to cash flow, reputation and customer relationships caused by a serious interruption to their business."

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