Resilience skills help businesses in crises, such as during the pandemic, but also outside of those times. Resilience is being able to evaluate, identify, and address challenges as swiftly as possible to achieve a good outcome.

It’s good to know Australian SMEs have more support to deal with whatever disaster lands their way.

Govt invests in resilience projects

Australian governments announced in June they would invest $400M to help protect communities at risk of extreme weather impacts. The Federal Government is matching states’ and territories’ $200M pledge to fund 187 resilience and mitigation projects. They were the first round of the five-year $1 billion Disaster Ready Fund, which replaced the Emergency Response Fund.

And that’s good news for you as an insurance policy holder, as these projects were selected for their capacity to reduce premium pricing and the protection gap.

Australia’s recent disasters

Why was this pledge needed?

According to the Climate Council, Australia is experiencing an era of unnatural disasters including floods, bushfires, storms and the occasional earthquake. This is leading to extra costs arising through higher food prices and insurance premiums as well as repairs to essential infrastructure.

Resilience through business prep

With the spate of disasters increasing, it pays to bolster your business approach to resilience. Consider updating your business continuity plan, refresh your knowledge about emergency alerts, and check you’ve got what you need to respond to a natural disaster.

Understanding business interruption insurance

Business interruption insurance is designed to protect your business from financial loss due to unexpected disruptions to their normal operations.

The insurance typically covers the loss of net income, fixed costs such as rent and may cover additional expenses incurred by the business to mitigate the impact of the interruption.

We can help you review your current package of policies to see if you have gaps in business interruption cover.

If you would like to know more about business interruption insurance, please CLICK HERE, or contact us for more information.