The Insurance Council Of Australia (ICA) advise:
- 42% of Small Businesses have no Business Interruption Insurance.
- 70% of uninsured or under insured small businesses effected by a major event (E.g The recent Newcastle and Central Coast Storms) DO NOT RECOVER!
IF YOUR BUSINESS COULD NOT OPERATE FROM YOUR PREMISES TOMORROW WHAT WOULD YOU DO?
Can your business still earn income to:
- Pay business loans, rent, utilities and other bills?
- Pay your staff their wages ?(or will they go to your competitors to work?)
- Continue to produce goods or buy raw materials/stock?
- Pay your own salary and associated private bills such as Mortgage, rent, lifestyle?
If you are out of business will your customers or clients:
- Understand that you cannot supply them and wait patiently for you to get back in business ?
- Come back to you from your competitors once you are back in business ?
Are you reliant on the site you are at to produce income or can you operate anywhere?
- If your business comes to you because of where you are you need to insure for loss of business income.
- If you can operate from anywhere your business will still incur additional costs to set up a temporary operation elsewhere.
How long will your income be effected by the loss?
- Depending on local council and other regulations rebuilding can take between 1