Property Cover, Property Insurance

NSW Storms Highlight Importance of Property Cover

The clean up across New South Wales is continuing after last month’s catastrophic storms, which affected thousands of homes and businesses across the state.

The Insurance Council of Australia stated that insurance companies have received almost 30,000 claims to date, and expect this figure to rise; estimating damages payouts as a result of the storms to total over $500 million.

The most recent storms are some of the worst to occur in New South Wales in over a century, but unfortunately the nation as a whole is all too often exposed to the unrelenting force of Mother Nature. The Queensland floods of 2011 affected over 5000 homes and businesses, while bushfires in 2012-2013 completely destroyed 33 properties in New South Wales and a further 170 in Tasmania. These natural disasters most often affect property and assets, and can prove to be costly to recover from.

To date, most of the claims lodged in relation to the NSW Storms have been property-related; the most common being to cover costs associated with repairing and replacing broken tiles, smashed windows and ruined carpets. This highlights the importance of protecting your business property against the destructive effects caused by the forces of nature.

The right Property Insurance policy can protect your assets and minimise the financial impact on your business in the face of severe weather conditions. It may also cover your business for theft, malicious/accidental damage or machinery breakdown.

Property Insurance can cover many property types from warehouses, shopping centres, factories and unit/apartment blocks as well as valuable business assets such as your work tools or portable equipment.

Depending on the value of your insured property and equipment, as well as how it is utilised and managed, different insurance solutions can provide your business with cover that suits your specific needs.

For more information, speak to your PSC Connect Authorised Representative.

Disclaimer

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.