Recent flooding in parts of North Queensland has left thousands of families and small businesses devastated, loosing not only their homes, but their livelihoods as well. The millions of dollars of property damage has resulted in both emotional and financial stress to many.

Tragic events such as this demonstrates the importance of having adequate business insurance cover in the event of a flood.  Make sure that your business has considered all risk management steps to reduce the impact of a flood, along with ensuring you have the correct insurance cover.  

Causes of flooding 

Torrential rain isn’t the only cause of flooding, runoff from rivers and dams can be just as devastating.

Other causes of flooding include:

  • Seawater flooding following a cyclone or severe coastal storm.
  • Tidal flooding due to high tides, also resulting in flooding along estuaries.
  • Urban runoff when stormwater drains become overwhelmed during severe storms.
  • An even greater loss of life is often seen from flash floods, simply due to the intensity of these quick and intense events (often the result of thunderstorm activity), as people and cars are often swept away.

Preparing for a flood event

Whilst no-one can be fully prepared for the crushing destruction and desolation that results from severe flooding, you can prepare your business for the worst. Your first step is to identify the potential risks to your business from a severe flood event, then put relevant preventative measure in place.

Below is a quick list of strategies that will help you to protect your business, so that you can recover quickly in the event of a flood.

  • Identify an area that is well above the level of any potential flooding where you can quickly and safely store computers, equipment, stock and critical documents.
  • Backup critical digital data and regularly save it in a secure external location.
  • Contact your local council for any flood plans, including areas that are likely to flood and previous flood heights.
  • Investigate flood proofing devices for your business, including flood proof materials for furniture, floor coverings and fittings.
  • Create a flood action plan and ensure that your employees are aware of this plan.
  • Put together an emergency kit that includes a first aid kit, battery powered radio, spare batteries, torch, emergency contact list and your flood action plan.

To ensure that your business is adequately covered for flood events, talk to an insurance specialist today.

FIND YOUR LOCAL ADVISER

 

General Advice Warning

The information provided is to be regarded as general advice. Whilst we may have collected risk information, your personal objectives, needs or financial situations were not taken into account when preparing this information. We recommend that you consider the suitability of this general advice, in respect of your objectives, financial situation and needs before acting on it. You should obtain and consider the relevant product disclosure statement before making any decision to purchase this financial product.

Insurance Advisernet , March 05 2019

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