Insurance with Steadfast Taswide Insurance Brokers

INSURANCE WITH STEADFAST TASWIDE:

THE FORGOTTEN BUSHFIRE RISK

The summer of 2018/2019 was a stark reminder of the threat bushfire poses to our World Heritage areas, National Parks, local communities and industry more broadly. Stuart Alexander, Account Executive at Steadfast Taswide, TICT’s Insurance Partner, outlines some of the strategies you can implement to mitigate against financial loss and damage to property in the event your business is impacted by bushfires.

Large areas of Australia suffer from the threat of bushfires. Unfortunately for us all, Australia is predicted to experience an increasing number of fire events over the coming years, with fire seasons starting earlier and earlier and running longer than in previous years. While state and territory protocols vary, the common theme is to prepare and plan. If you live or work in a high risk bushfire area, planning and managing risks will decrease the risk of damage to life, property and assets.

Underinsurance

It’s important that you insure your property for the right value. Underinsuring your home and possessions may save you a small amount of money in the short term but it can also mean you will have to pay far more to replace or repair damage. Cheaper premiums often mean less coverage and lower payouts. It is also important to ensure that you have correctly calculated your business interruption insurance and have the correct indemnity. Bushfires can create prevention of access problems. Your business interruption cover will respond to the lost income if your visitors can not get to the front door of your business.

Bushfire Awareness

The Bushfire Attack Level (BAL) system was introduced in 2009, after the Black Saturday bushfires. BAL ranks the different intensity levels a home may experience during a bushfire. It takes into account the region where the home is located, the type of vegetation around the property, the distance the property is from different vegetation types and the slope of the property.

Bushfire preparation checklist

This bushfire preparation checklist outlines a few basic steps to take before, during and after a bushfire. It is essential that you plan well in advance, have an Emergency Kit packed and that everyone in the family or workplace understands the plan of action. For more detailed information on bushfires in your state or territory, visit the Bureau of Meteorology.

Preparing your home or business

• Regularly clean leaves from gutters, and fit metal leaf guards • Move woodpiles and other flammable materials away from your property • Draw up your own bushfire ‘plan of action’ For more information on becoming bushfire ready and to stay up to date with fire alerts and bans this summer head to: www.fire.tas.gov.au For campfire restrictions in national parks and reserves: https://parks.tas.gov.au/ explore-our-parks/knowbefore-you-go/alerts For the latest information in the event of a bushfire emergency, tune into your local ABC Radio. For an obligation free review and quotation of your insurance needs contact Stuart Alexander, Steadfast Taswide on 6334 6111.

It is also important to ensure that you have correctly calculated your business interruption insurance and have the correct indemnity.

STEADFAST TASWIDE INSURANCE BROKERS

Tourism Accredited businesses who engage Steadfast Taswide Insurance Brokers receive a 25% discount on their annual Tourism Accreditation fee.

No catch… it’s just a small incentive to encourage you to support a Tasmanian business that supports our industry.

Contact Stuart Alexander on 03 6334 6111 for an obligation free review and quotation.