With Cyclone Dylan threatening properties and homes across north Queensland, now is great time to remind business owners how to recover from extreme weather events.
If your business is in an area that has been threatened by flooding in the past, you may want to form a strategic plan to ensure serious flooding doesn’t close down your company for good.
The simplest way to mitigate the risk of loss is to ensure you are adequately prepared for when a flood occurs.
Your first step should be to review your business insurance policy to make sure you are covered for flood damage.
It is also important to prepare a detailed inventory of all the necessary equipment and structures that could be damaged by flood to ensure you are not underinsured and surprised by a gap in cover when you need to make a claim.
Floods can often occur without much prior warning, so it is recommended you make a flood plan so you know what you need to grab and where you will go when a flood occurs.
It is also worth checking how to turn off your main power, water, gas and solar power to avoid lasting damage to these systems.
After the flood passes
Once the waters have subsided, you should only return to your business when emergency services declare it is safe to do so.
If water has entered your property, call an electrician before switching the power back on.
Call your business insurance provider as soon as possible to lodge a claim. Before you begin to clean up, it is important to take pictures or videos of the damage to ensure you hold evidence for your claim.
Remove any damaged items that may pose a health risk, but keep samples of materials to show your insurer. Additionally, make sure you speak with your insurance provider before you authorise any repairs.
If you are unsure if your business insurance policy will cover flood damage, contact the MGA Insurance team today.