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With summer hot on our heels, now is the time to start preparing for the risks that come with bushfire season. Our 3-part Bushfire Series uncovers tips and strategies for preparing your business during this unpredictable season.

In the first part of our series, we explore the benefits of Business Interruption Insurance, and how it can be the difference between businesses keeping their doors open or closing shop for good.

Latest data shows that bushfires affected 2.2 million hectares of land in Western Australia– the second highest state after NSW. The rise in natural disasters, from bushfires to floods, is a stark reminder to business owners around the importance of business interruption (BI) insurance. 

Who needs BI insurance cover and how does it work? Business interruption (BI) insurance allows businesses to maintain their cash flow and pay regular outgoings such as rent and wages. Business interruption insurance can cover the loss of any sales you would have made while your business is out of action – plus any extra costs you incur to stay open. Businesses that suffer an insurable event may also be able to claim for loss of income.

It can also cover:

  • Ongoing operating expenses, such as electricity and rent
  • Relocation costs for moving to and operating from a temporary location
  • Training costs for operators of replacement machinery
  • Closure of your business premises due to government-ordered street closures or curfews
  • Damage to a supplier’s premises which has a negative flow-on effect on your business operations have made while your business is out of action

To chat with our experienced brokers about insurance solutions to cover your business from the impacts of bushfires, please get in touch today.