Lockton has highlighted that the storm season in Australia, running from November to April, brings heightened risks for businesses due to extreme weather events such as cyclones, heavy rainfall, and severe winds.
These natural hazards can lead to significant disruptions, property damage, and financial strain.
Damian Lawrence, national manager complex claims and forensic services at Lockton, has emphasised the importance of taking a proactive approach to safeguard operations and manage potential insurance claims effectively.
Lawrence said staying informed about weather conditions is critical to managing storm risks. Insurers and brokers should advise their business clients to regularly check the Bureau of Meteorology’s forecasts and severe weather warnings and sign up for notifications from local emergency services and news channels to stay informed about imminent threats.
Effective emergency plans can help reduce the impact of severe weather on business operations. Recommendations include:
Physical preparations can significantly reduce the risk of damage to property and inventory. Lawrence said key actions include:
Understanding the scope of insurance coverage is essential for businesses ahead of the storm season. Therefore, insurers and brokers should help their clients:
In the event of storm damage, a structured approach to recovery can help businesses restore operations efficiently: Insurers and brokers should advise their clients to:
Lawrence added that businesses must maintain comprehensive records of all expenditures, including staff time and contractor fees, in a dedicated storm-related account.