Manufacturers Insurance

We all know fires can be devastating, but even the smallest of fires can have major implications on businesses.
A few years ago, a small fire broke out in 1 of the tenancies of an older commercial building I insured. Thankfully, fire services responded very quickly in the early hours of the morning and the fire was contained with minimal physical damage to the other 5 tenants.
There was however, extensive smoke damage throughout the entire building and all of the businesses lost 1-2 weeks of income whilst the property was made safe and thoroughly cleaned. Afterwards, business trading was impacted for another 3 months as the old wooden roof trusses were replaced with steel ones. You can read more on the impacts of extra costs of building reinstatement here.
But it’s not just rebuilding and reinstatement timeframes that businesses need to consider. What about:
We’ve outlined below 5 things you can do to mitigate and protect your business from the financial and secondary effects of a fire.
Fires within a business can have major implications that can go beyond damage to buildings and stock.
Reduce the risks of injury and impacts on staff by establishing a Safety & Evacuation Plan that can easily be reviewed & updated annually. Include things like:
Does your business have an evacuation plan in place?
The best way to keep incoming cash flow steady, is to plan ahead and know exactly what you need to do to reduce the interruptions on your business activities as much as possible. Whilst every business is unique, the main points of consideration here are:
Always have a back up plan in case a devastating event occurs to your business.
Not all insurance covers are the same, but correctly setting sums insured and sub-limits does not have to be overly complicated.
We recommend all businesses purchase some level of Management Liability insurance. Whilst the primary purpose of this policy is to provide indemnity to directors and officers personally for their day to day management decisions, it will also provide cover for:
A qualified risk and insurance adviser will assist you with understanding the risk in your business and arranging the correct level of insurance protection. An adviser will also be your advocate with Insurers and help you with negotiating, managing and expediting insurance claims settlements.
This article originally appeared on Clear Insurance In The News and has been published here with permission.
Advisr does not provide advice and does not hold a financial service license (AFSL). All information above has been provided by Lisa Carter.
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