Is your business really ready for the next flood?

Well Covered
(Steadfast)

 

The 2021 March floods that hit the eastern seaboard bring home how important it is to be prepared for a flood, especially if your business premises are located in an area that is prone to flooding.

Steadfast Group’s executive general manager – corporate development, Martyn Thompson, says a visit to the local council’s web site is the first step when exploring how flood-prone a property is. “Most local councils have a flood map for their area on their web site. Be aware climate change is changing the way areas flood, so make sure the map is up-to-date.”

You can contact your local council to find out when the map for your area was last updated. It’s understood some councils are already updating their flood maps using satellite imagery to account for changes seen during the 2021 floods.

“All of a sudden, your business may find it’s located in an area which could be impacted by floods, particularly river floods”

Insurers such as Munich Re and Swiss Re are also doing substantial work looking at risks around natural catastrophes and flood maps throughout the world as they relate to climate change. They are exploring how rising temperatures are affecting cyclones and flooding. As a result of this work, insurers are expecting natural disasters to happen more frequently, but be less severe.

Insurance plays an important role helping families and businesses to prepare for the risks of climate change such as more frequent floods. Your Steadfast broker will also be able to give you advice about mitigation strategies you can take and any changes you can make that may help you secure flood insurance.

If you can’t get flood insurance, it’s essential to do as much as possible to protect your property. This includes moving electrical equipment, valuables, records and files up to higher ground when a flood is imminent.

It’s also essential to have an emergency kit that’s always ready to go. It should include some food and water and dry clothes as well as a first aid kit. Also make sure everyone in the building knows what to do in the event of a flood, for instance how to get out of the building safely and where to convene having left the building. Always remember not to cross floodwater in a vehicle or on foot as it can be very difficult to ascertain the strength of the floodwaters.

With more areas now prone to flooding due to climate change, now’s the time to put in place a flood mitigation plan to help reduce the risk of damage down the track.

Important note 

This information is provided to assist you in understanding some of the common considerations in flood insurance. It is not complete, so please request full details from your Steadfast insurance broker.  Deductibles, exclusions and limits apply.  Insurance policies issued by various insurers often differ.

Important notice – Steadfast Group Limited ABN 98 073 659 677 and Steadfast Network Brokers

This article provides information rather than financial product or other advice. The content of this article, including any information contained in it, has been prepared without taking into account your objectives, financial situation or needs. You should consider the appropriateness of the information, taking these matters into account, before you act on any information. In particular, you should review the product disclosure statement for any product that the information relates to it before acquiring the product.

Information is current as at the date the article is written as specified within it but is subject to change. Steadfast Group Ltd and Steadfast Network Brokers make no representation as to the accuracy or completeness of the information. Various third parties have contributed to the production of this content. All information is subject to copyright and may not be reproduced without the prior written consent of Steadfast Group Limited.

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