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In light of the recent fires on the Sunshine Coast, we all got to thinking…“What if?!”

What if your business suffered a major event like a fire, cyclone, or significant storm event and sustained substantial damage? It is extremely important that business owners include Business Interruption as part of their Business Insurance package. This cover is like a personal accident policy for your business. It provides financial security should the business experience a disruption to its normal business trading due to an insured event. WHO SHOULD HAVE BUSINESS INTERRUPTION INSURANCE? Here’s a simple check list for SOME situations. Should you answer 'yes' to any of these, you should strongly consider Business Interruption insurance: • Our business is financed by debt. • Our business owns commercial property. • Our business has stock, equipment, supplier/s, or customer/s that are not able to be immediately replaced. • Our business would lose revenue if unable to operate from our existing building. • Our business is seasonal — we cannot afford to lose our peak season’s productivity. • Our business relies on utilities. • Our staff are key to the business. • Our business is a manufacturer, wholesaler, or retailer. • It would be difficult to find alternative premises in which to operate.

THERE ARE FIVE KEY AREAS WITHIN A PROPERTY-DAMAGE BUSINESS INTERRUPTION POLICY WHERE YOUR INSURANCE BROKER NEEDS TO TAILOR THE POLICY TO MEET YOUR BUSINESS’ SPECIFIC NEEDS: 1. Insured Values — (to minimise underinsurance clauses). 2. Indemnity Periods — (period of claim payable). 3. Wide areas damage (major loss event). 4. Supply Chain — (covering your suppliers and customers). 5. Claims Settlement — (optimise the claims processes). A good Insurance broker will work with you, to tailor your Business Interruption cover according to your specific business requirements and ensure you are adequately and correctly insured. Please be aware that any advice offered is General Advice only and has been prepared without taking into consideration your objectives, financial situation or needs. Before deciding to acquire a financial product please consider the Product Disclosure Statement and whether the product is appropriate for your individual objectives, financial situation and needs. m

Sarah Fisher, Austwide Insurance Brokers

Sarah Fisher has over 21 years experience in General Insurance brokering. Sarah enjoys assisting small business owners with their business insurance portfolios to ensure that they have the most appropriate cover available to cover their business assets. Her business is based locally in Tewantin, but able to assist clients all over Australia.

What if your business suffered a major event like a

FIRE, CYCLONE OR MAJOR STORM EVENT and sustained

SUBSTANTIAL DAMAGE?

Business Interruption Insurance not only protects the net profit of the business but all ongoing business expenses such as wages, director’s fees and finance costs etc.

Protect your future with Business Interruption Insurance today!

Austwide Insurance Brokers 07 5474 3040 Suite CA 6-10, Noosa Civic Commercial, 28 Eenie Creek Road, Noosaville 4566

LET US COVER THE RISK! Austwide IBS Pty Ltd T/as Austwide Insurance Brokers | ABN 65 237 964 223 Authorised Representative No. 343827 | Authorised Representative of Ausure Pty Ltd ABN 94 096 971 854 | Licence No. 238433 www.bmmag.com.au

47 INSURANCE MATTERS

WHO SHOULD HAVE BUSINESS INTERRUPTION insurance?

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