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'Get Ready'

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Information to help you prepare for a disaster.

Business Resources

Preparing your Business with the Right Insurance

Is your business prepared for the unexpected? Goondiwindi Regional Council recently hosted an Insurance Essentials webinar. The webinar, facilitated by Fiona Jago from Resilient Ready, who rebuilt the Western Kangaroo Island Caravan Park post the 2019/2020 bushfires, shares valuable lessons on insurance, what to consider, and how to make sure your business is ready for whatever comes its way.

Fiona breaks down the complexities of business insurance into simple, actionable insights. Her key messages include:

  1. Why do you need insurance?

Insurance protects what you can’t afford to replace, such as buildings, contents, income, and business continuity. Without it, even small disruptions can have a lasting impact on your day-to-day operations.

  1. What types of insurance do you need?

Every business is unique. A checklist developed by Resilient Ready can help you assess your needs, whether it’s public liability, property, or income protection. Don’t feel overwhelmed – 51% of business owners are unsure of what they need, but there’s help available.

1. Finding the right provider

Whether you go through a broker, agent, or comparison service, the key is to building trust with your provider. Strong relationships can make claims less stressful and ensure you’re supported when it matters most.

2. What if insurance feels out of reach?

If cost or availability is a challenge, prioritise essential coverage; set aside funds as your own safety net; explore ways to increase revenue to afford key policies.

3. The risks of underinsurance

Cutting corners to save on premiums can leave you with significant gaps in coverage. If you’re underinsured, payouts might only cover a percentage of what you need – or nothing at all.

4. Understanding and reviewing policies

Most people don’t read the fine print, although this is crucial. Organise a group “policy review night” with friends and relatives to unpack the details. Review your policy anytime your business changes – not just when the renewal bill arrives.

5. Know your responsibilities

Insurance policies often require you to maintain certain conditions – understanding and meeting these obligations ensures your coverage remains valid.

Be Resilient, Be Ready

Want to know more? Watch the webinar to learn how to help safeguard your livelihood with the right insurance and knowledge.

webinar blue tile with picture of Fiona Jago

 

Free resources:

  1. Checklist for assessing your business insurance needs(PDF, 56KB)
  2. Worksheet to help prioritise what’s most important to insure(PDF, 55KB)
  3. Questions to ask yourself about your current coverage(PDF, 50KB)

This project was jointly funded by the Australian and Queensland governments under the Disaster Recovery Funding Arrangements.

 

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