Is Your Business Prepared for the Summer Storm Season?
The Australian summer storm season is here and we want to make sure you’re prepared for what’s heading our way.
It‘s human nature to be complacent and think “it won’t happen to us.” But at some point, it will. And when it does, you need to be prepared.
Preparing for a storm is important and this not only means protecting your property from damage, but also preparing to respond when damage occurs. Business owners need to have all the necessary information and resources in place.
Customers in Queensland
2011 was an unforgettable year for Queensland - one we don’t want repeated! Over the two catastrophes Queenslanders experienced – widespread flooding and Cyclone Yasi – more than 128,000 insurance claims were made totalling $3.7 billion1
The Bureau of Meteorology predicts a higher than average number of severe storms in southeast Queensland over the coming period, accompanied by a high bushfire risk. The Bureau said that the risk of severe storms in this region is highest in years like the present, which fall between the wet La Nina and dry El Nino climate cycles."2
Customers in New South Wales
The Bureau of Meteorology (BOM) states the thunderstorms range in intensity from those that bring cooling rain after a scorching summer's day to severe storms so powerful that large trees and sometimes houses cannot stand in their path.
One such storm occurred in Sydney's eastern and city suburbs on the evening of 14 April 1999. It produced massive hailstones of at least 9cm in diameter and resulted in insurance losses of around $1.5 billion in less than an hour. It was the most expensive natural disaster in Australian history.
Each year on average, several people die and over $100 million damage is caused by severe thunderstorm activity in NSW and the ACT.2
Customers in Victoria
Literally hundreds of thunderstorms occur each year in Victoria. They can bring hail, flash flooding, strong winds and tornados. The Bureau of Meteorology's severe thunderstorm database for Victoria has actually listed 160 tornados since 1918.2
Two weather catastrophes at the beginning of 2011 brought storms and flooding which saw over 56,000 claims across Victoria totalling $498 million.3
Have you checked your business insurance policy lately?
If you’re like a lot of people, the answer is no. This means you may not be sure what your business is actually covered for, so check the details!
There is a lot you can do to prepare for the upcoming storm season:
- Review your insurance cover. Are you covered for fire, storm damage or for loss of business income resulting from these events?
- Have you recently updated your cover to reflect the current market costs of rebuilding your business?
- Remove all debris from around your property
- Ensure your roof and windows are in good condition
- Be aware of the process if you need to make a claim
What do you need to do?
- Use a camera to document the condition of your business and stock. This will help you make a claim in the event of a loss. Update these records at least once a year.
- If a storm strikes, thoroughly check your business and belongings for any evidence of damage, which often can go unnoticed.
- Use a safe-deposit box or a safe to store your insurance policies and photographic documentation and make sure to back up all business computer files.
- Print out all relevant contact information in your area so that you can quickly make contact when damage occurs.
Contact GIO Business Insurance on 13 10 10 if you have any questions or enquiries.
Important Information
1. Insurance Council of Australia disaster statistics August 2011
2. www.bom.gov.au
3. Insurance Council of Australia disaster statistics August 25 2011