If your business is not prepared when disaster strikes, your company, reputation, and employees can all suffer.
It is the job of business owners to look forward and identify the best ways to grow and accelerate. Your business will not grow without a dedicated and reliable team of staff behind you, so it is vital to ensure they are protected in the event of a disaster. Knowing that they are properly cared for with provisions in place should the worst happen will also help your employees to feel valued and boost their morale.
Australian Natural Disasters on the Increase
The ABC has reported that climate change could triple the frequency of natural disasters in Australia in decades to come. As such, this is a risk that will potentially pose a threat to your business into the future.
Most small business, at some time during their operations, will be adversely affected by a storm, fire or other natural disaster. Whether you are in a disaster-prone area or not, it’s worth carrying out a risk assessment on your premises in order to be fully prepared should the worst happen. Ask yourself the following questions:
- In your business location, what natural events are most likely to affect your business?
- Do your employees live in disaster-prone areas? Will they be able to travel safely to and from work in the event of an incident?
- Are your important business documents backed up and stored in a secure off-site location? You may have to access these remotely in the event that you cannot access your business premises.
- Would your business be able to continue operations if your premises was out of use?
- How long would you be able to continue operations if this was the case?
The Disaster Recovery Journal reported that after a natural disaster occurs, up to half of small businesses that suffer a major loss, will fail in the following weeks or subsequent years. This would mean that your employees would lose their livelihoods.
This is where business insurance comes in. Having appropriate insurance in place can reduce the negative impact a natural disaster may have on your business and employees. With adequate cover in place for your building, contents and business interruption costs, your business is more likely to survive, and your employees will thrive.
Speak to your insurance advisor today to ensure your business is fully covered.
Conditions apply for each policy and the information expected from you for a policy to trigger. Coverage may differ based on specific clauses in individual policies. Please ask your broker to explain the additional benefits and exclusions pertaining to your policy.
The information provided is general advice only and does not take account of your personal circumstances or needs. Please refer to our financial services guide which contains details of our services and how we are remunerated.