As flood-affected areas in Australia brace for more heavy rain, the insurance industry continues to provide tips on preparing their flood response.
In its latest blog, Gallagher advised business owners to take the following actions to protect their business from flood risks:
Gallagher further advised business owners to review their insurance and ensure they understand what exclusions apply and know if they can afford to stop revenue-earning operations during a crisis or a rebuild and if they are covered for total replacement if the premises are destroyed.
“Consider getting a quote from a reputable builder for rebuilding your business premises at today's rates. You could also consider getting an insurance valuation report which estimates the total cost, including aspects that may be otherwise overlooked: demolition, professional fees, and escalation. Your sums insured and business interruption policies should cover a worst-case scenario,” Gallagher said.
When preparing their premises for flood evacuation, business owners must:
When returning to the premises after the flood, Gallagher said business owners must wait until the all-clear advice has been issued while monitoring information lines, media, or the internet for the updated status of their area. Additionally, the brokerage advised business owners to: