Are you properly insured against a bushfire?

Posted on March 02, 2020 | by | Posted in Insurance

Ask any Australian what is on their mind at the moment and the majority will talk about one thing: Bushfires.

The bushfire crisis that has ravaged the east coast for the past few months has affected all of us. We’ve seen footage of the devastation, we’ve heard the statistics of buildings, homes, businesses and lives being lot; and we all are left with the one burning question – what if it were me.

Bushfires are a real and regular threat across Australia, and unfortunately, many people find that once the flames are out and the dust has settled, they are left with nothing. Which is why it’s so important to ensure your insurance policies – both personal and business – include bushfire coverage.

The bushfires in Australia’s east has resulted in the loss of more than 2100 homes, and of course all the belongings within them. Farms are in ruins and livestock are lost. Businesses are unable to open due to towns being evacuated. Supplies are being cut off from being delivered due to roads being unsafe. All in all, it’s a disaster that unfortunately many businesses may not be able to recover from.

If a bushfire threatened your home or business, are you suitably insured?

If you live in an area that is at risk of bushfires, your Home and Contents insurance policy should have a clause that covers bushfire damage. A Business Insurance Policy will cover your business for damage or total loss of property (the premises your business is located in), however if you own and run a business, it’s important to check whether your Australian Business Insurance Policy covers everything you’d need if you were caught in a bushfire crisis. 

For complete peace of mind in the light of recent bushfires, business owners should consider an Industrial Special Risks policy, which goes over and above the standard Business Insurance Policy, and is particularly suitable for larger organisations with diverse operations.

Industrial Special Risks Insurance (ISR) provides property damage and business interruption cover for businesses. Industrial Special Risks insurance protects against a wide range of events such as fire, storm, earthquake, malicious and accidental damage. Therefore in a and will cover items including:

• Loss or damage to physical assets such as buildings, contents, plant and equipment, and stock.
• Business Interruption loss from physical damage to the building or contents. 
• Coverage in the event of failure of public utilities (power, gas or water outages).
• Coverage if access is prevented – for example if the road is blocked off preventing customers or suppliers to get access to your business.
• Costs associated with removal of debris.

Matrix Insurance is supporting NSW Rural Fire Service

Like all Australians, the team at Matrix Insurance have been affected by the news of bushfires and the destruction they have caused. As such, we are supporting the NSW Rural Fire Service and encourage others to donate also. Donations are still being received through this link: https://www.rfs.nsw.gov.au/news-and-media/general-news/how-you-can-help

If you would like to speak to an insurance specialist for your own peace of mind, give Matrix a call today.