Ex-tropical Cyclone Alfred has left a trail of destruction, impacting residents, communities and everyday life. Small to medium businesses face additional challenges, from flooded premises to interrupted supply chains.
As businesses work through the recovery process, strategic planning and professional support may be critical. Here’s how to regroup, with a focus on practical rebuilding.
Document, document, document
One of the most important things to do is to document everything.
Time is of the essence and early documentation of any damage streamlines claims and can help your business get back on track as soon as possible. Photograph all damage and list any lost inventory. You may need all this information when you submit your claim.
Getting back to business
Once your insurance claim is under control it’s time to think about re-opening.
Fixing any damage may be your immediate priority, starting with securing your premises if you haven’t already. Board broken windows, mitigate water damage and consult engineers if structural issues arise. Safety first!
Then, you may need to review your cash flow projections. If you can, it may be useful to try to temporarily pivot your services, for instance offering online sales if your shop is closed.
Make sure there are clear lines of communication with suppliers, customers and staff because transparency helps to maintain trust.
When you’re up and running again, it may be time to consider your future disaster plans to incorporate lessons learned from this cyclone. Business interruption insurance can be invaluable in this situation, as it may cover any lost income while your business is closed.
Tapping into external support
You may need help to get back on your feet, so here are some support services you may be able to call on:
- The Albanese Government is activating financial support for communities directly affected by through the Disaster Recovery Allowance. This allowance offers up to 13 weeks of income support for eligible workers and sole traders, depending on their personal circumstances, who have suffered a loss of income as a direct result of the event.
- The Queensland state government’s natural disaster payments and financial help web page also has different relief options.
- The Disaster Recovery Funding Arrangements may also help cover loss of income.
We’re here to help
Your claims specialist and broker are your key advocates in the claims process. They can help you understand your policy coverage, coordinate with an estimator to compile your claim, and work directly with your insurer to expedite payments and secure funds for urgent repairs. Your broker will also inform you of any claim deadlines and connect you with your insurer’s preferred contractors to ensure timely repairs to your business premises.
You can find more information on our general claims page here, or read our blog on insurance and claims information for strata properties here.
T: 1300 424 627
E: info@whitbread.com.au
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