The flooding in NSW is a timely reminder that it can be difficult to recover from unforeseen events. Days of wild weather have claimed the lives of four people and caused devastation.
As at last Thursday about 160,000 homes and businesses were without power.
Imagine what would happen if your business is unable to trade. Your income stops but your expenses continue. Overheads and costs (such as wages and rent) still need to be paid.
Unfortunately, that’s what has happened to hundreds of NSW businesses.
Insurance House Business Interruption insurance provides protection for the revenue you might lose as a result of a serious interruption of your business. It could be caused by storm damage, a fire or another unforeseen event.
Policies can cover loan repayments, supplier bills, staff wages and even the additional increased cost of working
Obviously policies can vary. That’s why you should talk with your Insurance House professional to make sure you have the right cover in place.
While business interruption insurance can cover the financial loss you also need a strategy to get your business back to normal.
If your business is extensively damaged, it will usually disrupt your ability to operate. Australian statistics indicate that over 40% of businesses closed by a disaster never reopen. Don’t become a statistic.