SMEs: It’s Time to Work with Insurance Brokers in the Sunshine Coast

Damage repairs from natural disasters in Australia are likely to become more expensive a few decades from now. Zoe Fielding of Property Observer, an independent news site for property investors, discussed a recent report from the Australian Business Roundtable. This non-profit organisation for disaster preparedness says that the economic costs of floods, storms, and brushfires in the country are estimated to grow from $6 billion to $23 billion in 2050. This would prompt businesses, especially small and medium enterprises or SMEs, to step up their risk management programs: “The claims bill for tropical cyclone Ita in Queensland in April was around $8.4 million, the Insurance Council of Australia estimates. Bushfires in Perth in January cost $15 million and bushfires in NSW in October 2013 cost $183.4 million. The latest Australian Business Roundtable report, Building an Open Platform for Natural Disaster Resilience Decisions, argues that well-planned investment focused on risk minimisation could save between $12.7 billion and $14.6 billion a year in disaster recovery costs.” This translates to improving their insurance portfolio, which is a rather daunting task if SMEs don’t even know what they’re at risk of. Fortunately, there are plenty of experts who can help them out, such as John Burkhardt and the rest of Insuring theProduct, a group of reputable insurance brokers from the Sunshine Coast in Queensland. One of the packages they provide is a business interruption insurance policy, which would protect SMEs from profit or revenue losses due to fires, break-ins, and utility failures. While floods … Continue reading SMEs: It’s Time to Work with Insurance Brokers in the Sunshine Coast