Insights / Insurance

Protecting Your Livelihood During Disasters

By renae hanvin

September 25 2023

Are you protecting your livelihood?

Every business should leverage insurance to build its resilience and protect it from loss and weather unexpected disruptions and disasters.

While your business might be able to keep trading during its first disaster, it will be weakened when the second, third or fourth disaster occurs. Getting the right insurance and coverage for the right amount is an important small step to ensuring your business’s survival.

Business insurance can also boost your credibility, give customers confidence in your business, and meet contractual obligations when tendering for new work.

Types of Insurance

Business owners and operators need to consider what types of insurance are relevant for their business or industry.

You need to take note of some compulsory insurances that are required by law, such as workers’ compensation insurance, third-party personal injury insurance for motor vehicles, and public liability insurance.

Knowing what insurance to get and how much how much cover is the right amount can be confusing, but you can get guidance from licensed insurance brokers, business advisors or insurance providers.

Planning for the unknown

The right business insurance can give you peace of mind, knowing that when a disaster or disruption occurs, you are covered.

However, it’s important to understand your insurance premiums and policies. You may be paying for something you don’t need, or you may need something that’s currently not covered. Getting expert advice is essential.

And don’t make the mistake of underinsuring your business operations. Identify the risks for your business and take the time to calculate the amount of coverage your business will need to recover and regroup in each area of coverage.

Business insurance is an investment in the future of your business.

Resilient Ready is a social enterprise delivering innovative solutions to enable every organisation to thrive before, during and after disasters. To keep updated on news and current projects, sign up to our newsletter.