Despite the minuscule 0.1% chance of that type of flood happening in any location any year, it can occur in two consecutive years, says Weatherzone. That’s what the town of Lismore has endured already this year.
Experience can be an expensive teacher, so what can we learn about the risks of these floods and how to protect our assets?
Having a flood action plan can reduce damage to your business by an estimated 80%, according to the Business FloodSafe Toolkit and Plan. It adds the plan needn’t be expensive or time-consuming.
For those interested in finding out more about our changing climate, Carbon Brief has mapped how climate change impacts extreme weather worldwide. Based on scientific studies, the site gives a detailed analysis of climate change events. Select pre-2011, for example, and you’ll gauge the change over the past decade. Impacts listed include:
Follow your local council for updates to flood management plans because new developments can change the hydrology – and, therefore, nature of floods – in your area.
That’s where modern technology can help. You can build new premises or retrofit an existing one to minimise flood damage and boost its flood mitigation capability. Best practices include building walls without cavities, so water can’t be trapped and thereby encourage mould. Have separate electrical circuits upstairs from downstairs, so if the ground level gets flooded and switches off, you’ll still have power upstairs. Other ways to avoid trapping water include having louvres come down to the ground and setting door sills flush with the floor. Look into geopolymer concrete, too.
Simple measures can make a difference to help flood-proof homes and businesses, including:
Create a business flood safe plan and save it online as well as in hard copy. Display a copy at your business premises, store one in your emergency kit and keep another printed version off site. Use this guide to get you started, and this Business Queensland flood preparation checklist for insights. Ensure your plan covers:
Prompts to review your plan include after flooding, training, changes to employees’ responsibilities, business activities, building design, layout and in the river catchment.
Know the current definition of a flood that insurers use in Australia, i.e.:
“…the covering of normally dry land by water that has escaped or been released from the normal confines of (a) any lake, river, creek, or other natural watercourse, whether or not altered or modified, or (b) any reservoir, canal or dam.”
Only some insurers offer full flood cover for businesses. As your broker, we can help you demystify the policy fine print to ensure your business is appropriately covered. We can help you bolster your risk management strategy so you have peace of mind you’re doing all you can to protect your business.
If you would like chat to us today about your current insurance polices and your sums insured, contact our office today on 02 9525 9311 or email us at email@example.com
The advice on this website is general in nature and has been prepared without taking into account your objectives, financial situation or needs. You must decide whether or not it is appropriate, in light of your own circumstances, to act on this advice. You should ensure you obtain and consider the Product Disclosure Statement for the policy before you make any decision to acquire it.