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Tips for Managing Seasonal Risks
The holiday and, for some parts of the country, the storm season is almost here.
Here are some risk management tips and reminders to help you prepare.
- Storm & Cyclone Season: Heavy rains, localised flooding and high winds are expected Australia-wide, with the BOM predicting an average season (Nov to April) with 11 cyclones and 4 predicted to cross the coast; http://www.bom.gov.au/climate/cyclones/australia/
- Bushfires: Check with your local fire brigade or RFS for the bushfire outlook in your area. In NSW, for example, the outlook is slightly higher than normal, with grasslands and bush having mostly recovered from the 2019 – 2022 Black Summer fires.
- Holiday Stock: Stock inventories increase around the holidays. Review your stock and contents cover, to ensure you have the right amount of insurance.
Making sure your property is weatherproof and maintained will help reduce potential damage and disruption to the business.
For businesses in bushfire-prone areas, preparation and planning is key. Review your fire safety plans, clear vegetation around your property, and make sure your insurance cover is up to date, including any loss of profits cover.
Diarising and managing these annual checks early will help you be ready for the season.
Contact your Risk Adviser to discuss your risks and insurance needs to help prepare for the coming season.