Review your business risks and insurance policies
Ensure your business is adequately insured by annually reviewing your business insurance policy, as underinsurance is a common issue, particularly concerning bushfire damage. Many business owners have insurance, but it may not provide sufficient coverage to replace all potential losses.
Consider the additional expenses associated with rebuilding your business premises, including demolition, clearance, and compliance with new construction codes. It’s crucial to factor in the rising costs of building materials and development, ensuring that your premises is insured for its current rebuilding value.
Be vigilant about common exclusions in insurance policies. While having insurance to protect your business and property from bushfire damage is vital, it’s equally important to verify that your coverage is comprehensive. Some policies may only cover damage caused directly by fire or flames, leaving you unprotected against heat, soot, smoke, or ash damage.
Consider business interruption insurance
The time to get your business back up and running may be longer than you think, and can affect your suppliers and customers, as well as you. Having business interruption insurance could help you get through any business disruptions.
Get your business bushfire ready
If you haven’t reviewed your business insurance for a while, now is a great time to do so. We offer complete insurance solutions. Let us help you.
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