Natural disasters like bushfires, cyclones, and floods are part of life in Australia, and their impact on small businesses can be severe, from operational disruptions to damage or loss of assets. Here’s a guide on key actions your business can take to recover effectively:
- Prioritize Safety Make sure everyone is safe, whether that means evacuating the premises or taking shelter until the danger has passed.
- Contact Emergency Services In any life-threatening situation, call 000 to reach local police, fire, rescue, and ambulance services.
- Assess the Damage Once it’s safe, conduct an initial assessment of damage. Take detailed notes and photographs, which will be essential if you file an insurance claim.
- Notify Your Insurance Provider Start the claims process as soon as possible. You’ll need to provide evidence of losses, and an assessor may visit to inspect the damage.
- Activate Your Disaster Recovery Plan If you have a disaster recovery plan, implement it to manage short-term recovery steps, like relocating to a temporary workspace or shifting online. If you don’t have a plan, develop one to stabilize your operations and outline your long-term rebuilding strategy.
- Explore Government Assistance Federal and state governments offer concessional loans, grants, and other resources to help small businesses recover after natural disasters. The Department of Home Affairs’ Disaster Assist service and gov.au can provide guidance on disaster recovery options.
- Engage with Your Insurance Broker Working with your insurance broker can streamline the claims process, helping you achieve a satisfactory settlement more quickly, so you can focus on rebuilding.
- Plan for Future Resilience Once your business is back on track, update your continuity plan to reflect lessons learned. Consider additional measures, like flood-proofing your premises or adopting remote-working technology, to better prepare for future events.
Coverage to Support Your Recovery
Insurance is designed to protect your business from unexpected events, including the damage and disruption that natural disasters can cause. Having the right coverage ensures you aren’t left significantly out of pocket when filing a claim. To review your policies and ensure you’re fully protected, reach out to your broker.
For further details on managing the impact of natural disasters, see Steadfast’s article. As a valued partner, Steadfast offers resources to support businesses in preparing for and recovering from natural disasters.
