Help for small businesses post-Cyclone Alfred

Ex-Tropical Cyclone Alfred left a trail of destruction and disruption for small businesses, from flooded premises to interrupted supply chains.

As you work through the recovery process, strategic planning and professional support may be critical. 

Here’s how to regroup, with a focus on practical rebuilding. 

1.  Call your Steadfast broker

 After you have established everyone is safe, after any natural disaster, one of your first calls should be to your Steadfast insurance broker. Time is of the essence and early documentation of any damage streamlines claims and may help your business get back on track as soon as possible.

One of the more important things to do is to document everything. Photograph all damage and list any lost inventory. You may need all this information when you submit your claim.

Your broker will help figure out what you can claim under your policy and work with an estimator to put together your claim. Business interruption insurance could be invaluable in this situation, as it may cover any lost income while your business is closed.

Brokers are also your advocate with your insurer and can help to expedite payments and secure funds for urgent repairs. Your broker should be able to let you know any deadlines for making a claim and can help connect you to your insurer’s preferred contractors for any repairs that need to be made to your business premises. 

2.  Get back to business

Once your insurance claim is under control it’s time to think about what you need to do to re-open.

Fixing any damage  may be your immediate priority, starting with securing your premises if you haven’t already. Board broken windows, mitigate water damage and consult engineers if structural issues arise. Safety first! 

Then, you may need to review your cash flow projections. If you can, it may be useful to try to temporarily pivot your services, for instance offering online sales if your shop is closed.

Make sure there are clear lines of communication with suppliers, customers and staff because transparency helps maintain trust.

When you are up and running again, it may be time to update your disaster plans so they incorporate lessons learned from this cyclone. 

Tapping into external support 

You may need lots of help to get back on your feet if you’ve experienced a natural disaster. 

Here are some support services you may be able to call on:

• Prime Minister Anthony Albanese has announced a relief package for small businesses affected by Cyclone Alfred.
• The Queensland state government’s natural disaster payments and financial help web page also has different relief options.
• The Disaster Recovery Funding Arrangements may also help cover loss of income. 

 

 

Important notice

This article is of a general nature only and does not take into account your specific objectives, financial situation or needs. It is also not financial advice, nor complete, so please discuss the full details with your Steadfast insurance broker as to whether these types of insurance are appropriate for you. Deductibles, exclusions and limits apply. You should consider any relevant Target Market Determination and Product Disclosure Statement in deciding whether to buy or renew these types of insurance. Various insurers issue these types of insurance and cover can differ between insurers.

Steadfast Group Ltd ACN 073 659 677