With the La Niña weather event imminent, preparing your business for storm season is crucial. According to the Bureau of Meteorology, last month Australia has seen its wettest month in 122 years, surpassing the record set in November 1973.
Storms are often the big hitters when it comes to the actual number and cost of insurance claims. Seven out of the 10 most recent natural disasters on the ICA’s Historical Catastrophe List were storm-driven events, including extreme weather and hailstorms. Among those events; the March 2020 flooding and storm damage that impacted Sydney, the Hunter Valley, and the Mid North Coastal areas; and, the severe Halloween storm last year impacting Central and South East Queensland, resulting in more than $1 billion in damage claims.
Here’s what you can do to protect your business from flood damage:
1. Check your building
The first thing you should be doing to prepare your business is to ensure your premises are ready for the extreme weather that is likely to come.
– Make sure any openings such as windows and doors can be sealed
– Repair your roof tiles to ensure your building is as watertight as possible
– Clear out your drains and gutters from any debris to avoid any potential clogging
2. Invest in anti-flooding devices
Water sensors or flood detection systems as well as an anti-flood pump will come in handy. Leak detection systems can be tied into your security system to alert you of rising water levels. On the other hand, an anti-flood pump will help you remove water during heavy rains. Consider regularly testing your pump and have a spare battery.
3. Have an emergency flood kit ready and an evacuation plan
It is important to have a plan to keep yourself and your employees safe under extreme weather conditions. This means putting a comprehensive evacuation plan in place, should the worst-case scenario unfold. Make sure everyone knows how to reach safety in the event of sudden and extreme flooding. Have an emergency flood kit in a handy location in a waterproof container. Your emergency kit should contain a first aid kit, spare batteries, a portable radio and torch, a fire starter kit, medication, a change of clothes, enclosed footwear, canned food, and clean drinking water. Also, ensure you have a list of emergency services to contact should you need their assistance.
4. Get insured
If all precautions fail, you’ll be glad to have adequate insurance coverage. Particularly, if you’re in a high-risk flood zone, investing in flood insurance means you can sleep easy knowing that your losses will be covered.
Unfortunately, sometimes prevention won’t suffice. That is why the best protection you could possibly have, is insurance. To find out more about insurance protection against storms and floods, get in touch with the Mooneys team today.
Disclaimer: This article provides information rather than financial product or other advice. The content of this article does not take into account your objectives, financial situation, or needs. Please seek professional advice from your broker before acting on any information.