GIO Report Finds Winter Is The Biggest Season For Fire Based Claims
/EINPresswire.com/ With the "bushfire season" now behind, it's tempting to think of winter as downtime on the fire front. While cooler weather and added rainfall diminishes the risk of bushfires, according to GIO, winter is actually the season for fires and fire claims.
Running a business enables individuals to become experts in their field. Understanding how it works, knowing how to control stock and maintaining high service standards is second nature. Knowing customers and understanding what it takes to make a sale also comes naturally.
Despite this knowledge, it is important to protect a company with the right business insurance. Covering risks is essential for protecting an investment, but it's important that business owners understand exactly what they are insured for. Minimising risks - especially now that winter is here is vital.
Winter brings its own special dangers. No business is immune from threats like fire, theft and accidental damage. It is a stark reality, but more than half of small business owners who incur a major loss through fire or flood are likely never to recover. No-one needs to experience such heartache.
With the "bushfire season" now behind, it's tempting to think of winter as downtime on the fire front. While cooler weather and added rainfall diminishes the risk of bushfires, according to GIO, winter is actually the season for fires and fire claims.
Businesses are vulnerable to fire and depending on the configuration of a company premises, a number of risk areas may be present. A thorough assessment of business sites by a fire prevention authority can help manage the risks and minimise exposure.
Another problem stems from the fact that the threat of fire can come from other adjoining businesses. As a recent example demonstrated, the impact of a major commercial fire can be quite devastating.
Last year, a fire broke out in a commercial strata property accommodating 15 different and unrelated businesses. The fire had started in one of the premises at around 1.00 am with the building unattended at that hour; the fire grew and spread to engulf the entire complex.
Assessors found that while all of the businesses were insured, five of them did not have Business Interruption insurance and would probably not be able to continue trading.
"Business Interruption insurance not only provides real protection for your company, it is also very affordable," said Andrew Mair, Executive General Manager Commercial Insurance.
"While premiums depend on the particular requirements of the business owner, as a rule they are generally just 10-15% on top of their existing premium. The protection Business Interruption provides can be priceless to the business owner."
Some key tips that may help protect businesses over the cooler months:
• Check smoke alarms are in working order. This should be done annually
• Ensure business premises are secure and well lit to deter trespassers
• Create a fire evacuation plan detailing a designated meeting point and record all staff names
• Service machinery and make sure it's keep clean. Also make sure it's turned off when premises are unattended
• Avoid stockpiling flammable items in public view
• What information is important to the business to ensure business continuity? Client and supplier lists, insurance details, and so on. A good tip is to purchase a fireproof box from a local hardware store to store these valuable documents including USBs, backup drives and important business papers. Alternatively, opt to store important data off site.
Take a few precautions and make time to thoroughly audit business needs. Then adjust insurance covers to suit. That way, a business will keep firing right through the winter months.
About GIO Business Insurance
GIO General Ltd is a leading provider of business insurance products such as small business insurance, tradespeople insurance, public liability insurance, professional insurance, professional indemnity insurance and commercial vehicle insurance. For more information please read the relevant Product Disclosure Statement or policy wording at gio.com.au Call for a copy on 13 10 10. GIO Business Insurance is issued by GIO General Ltd.
Media Contact:
Greg Butler
GIO Business Insurance
02 8121 0434
http://www.gio.com.au/business-insurance
PR courtesy of Online PR Media.
Running a business enables individuals to become experts in their field. Understanding how it works, knowing how to control stock and maintaining high service standards is second nature. Knowing customers and understanding what it takes to make a sale also comes naturally.
Despite this knowledge, it is important to protect a company with the right business insurance. Covering risks is essential for protecting an investment, but it's important that business owners understand exactly what they are insured for. Minimising risks - especially now that winter is here is vital.
Winter brings its own special dangers. No business is immune from threats like fire, theft and accidental damage. It is a stark reality, but more than half of small business owners who incur a major loss through fire or flood are likely never to recover. No-one needs to experience such heartache.
With the "bushfire season" now behind, it's tempting to think of winter as downtime on the fire front. While cooler weather and added rainfall diminishes the risk of bushfires, according to GIO, winter is actually the season for fires and fire claims.
Businesses are vulnerable to fire and depending on the configuration of a company premises, a number of risk areas may be present. A thorough assessment of business sites by a fire prevention authority can help manage the risks and minimise exposure.
Another problem stems from the fact that the threat of fire can come from other adjoining businesses. As a recent example demonstrated, the impact of a major commercial fire can be quite devastating.
Last year, a fire broke out in a commercial strata property accommodating 15 different and unrelated businesses. The fire had started in one of the premises at around 1.00 am with the building unattended at that hour; the fire grew and spread to engulf the entire complex.
Assessors found that while all of the businesses were insured, five of them did not have Business Interruption insurance and would probably not be able to continue trading.
"Business Interruption insurance not only provides real protection for your company, it is also very affordable," said Andrew Mair, Executive General Manager Commercial Insurance.
"While premiums depend on the particular requirements of the business owner, as a rule they are generally just 10-15% on top of their existing premium. The protection Business Interruption provides can be priceless to the business owner."
Some key tips that may help protect businesses over the cooler months:
• Check smoke alarms are in working order. This should be done annually
• Ensure business premises are secure and well lit to deter trespassers
• Create a fire evacuation plan detailing a designated meeting point and record all staff names
• Service machinery and make sure it's keep clean. Also make sure it's turned off when premises are unattended
• Avoid stockpiling flammable items in public view
• What information is important to the business to ensure business continuity? Client and supplier lists, insurance details, and so on. A good tip is to purchase a fireproof box from a local hardware store to store these valuable documents including USBs, backup drives and important business papers. Alternatively, opt to store important data off site.
Take a few precautions and make time to thoroughly audit business needs. Then adjust insurance covers to suit. That way, a business will keep firing right through the winter months.
About GIO Business Insurance
GIO General Ltd is a leading provider of business insurance products such as small business insurance, tradespeople insurance, public liability insurance, professional insurance, professional indemnity insurance and commercial vehicle insurance. For more information please read the relevant Product Disclosure Statement or policy wording at gio.com.au Call for a copy on 13 10 10. GIO Business Insurance is issued by GIO General Ltd.
Media Contact:
Greg Butler
GIO Business Insurance
02 8121 0434
http://www.gio.com.au/business-insurance
PR courtesy of Online PR Media.
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