06 Jul Preparing for wet weather

Preparing for wet weather

Wet weather conditions are here to stay this winter.

For large parts of Queensland and NSW, summer 2021-22 was non-stop rain.  With the La Nina effect continuing in the tropical Pacific, there is a chance the east coast of Australia is in for a wetter and stormier winter than usual.

The Bureau of Meteorology’s (BOM) most recent data suggests that, at the time of writing, the Indian Ocean Dipole (IOD) index has been very close to or exceeded negative IOD thresholds (i.e. at or below −0.4 °C) over the past four weeks, meaning a negative IOD event is increasingly likely in 2022. “A negative IOD increases the chances of above average winter–spring rainfall for much of Australia. It also increases the chances of warmer days and nights for northern Australia” according to the BOM’s Climate Driver Update issued on 5 July 2022.

Preparing your business for wet weather

Being well prepared for storms and extreme rain events will stand your business in good stead, if winter 2022 turns out to be an unusually wet one.  Here are some tips that may help you protect your premises and keep your operations running, whatever the weather.

• Pay a professional to inspect the roof of your premises and attend to any recommended maintenance promptly.
• Lop dead and overhanging branches from around your building.
• Check the seals on the external doors of your premises are watertight.
• Identify the safest place in the building to shelter, in the event of a storm.
• Prepare an emergency kit containing protective clothing, water, food, torches, a radio and spare batteries and ensure all employees know where it is stored.
• Learn where your main power, water and gas supplies are located and how to turn them off.

Cover yourself

The right insurance can help your business recover quickly, should your premises suffer storm damage this winter. Many small business owners are underinsured and may struggle to find the funds for major repairs, according to Steadfast Group’s Broker Technical Manager, Michael White.

“We commonly see people undervalue their assets and underestimate how much it will cost the business, if damage to their premises results in disruption to operations,” White says.

“It makes sense to talk to your broker, so you’re clear about what your policy includes and whether your level of storm cover is appropriate for your circumstances.”

Are you covered for flood?

No matter if your business is new or established, it pays to assess how weather events may affect it and to ensure the appropriate cover is in place.

Some Insurers will automatically include flood coverage in their relevant policies. Others can include it, subject to acceptance, whilst some Insurers may specifically exclude flood cover. This applies to both domestic, and commercial policies.

If you are unsure whether your policy includes flood coverage, please contact your CRM Broker immediately.

Important Notice

This information is provided to assist you in understanding some of the common considerations in flood insurance. It is not complete, so please request full details from your CRM Broker.  Deductibles, exclusions and limits apply.  Insurance policies issued by various insurers often differ.

This article provides information rather than financial product or other advice. The content of this article, including any information contained in it, has been prepared without taking into account your objectives, financial situation or needs. You should consider the appropriateness of the information, taking these matters into account, before you act on any information. In particular, you should review the Product Disclosure Statement (‘PDS’), Target Market Determination (‘TMD’) and Financial Services Guide (‘FSG’), which can be obtained by contacting CRM Brokers or downloading it from the agency’s website before deciding to acquire, or to continue to hold, this product.

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