What Are the Specific Risks Faced By Australian Businesses?
Extreme Weather Events
Severe weather often affects businesses across the Australia. Brisbane lies in the Tropical Cyclone Risk area and is often exposed to major floods, and storms, and can also face severe drought for prolonged periods. Darwin and Perth are also often exposed to tropical cyclones and monsoon rain during the wet season. While Sydney is often spared from the cyclones that hit other parts of the country, it is often subjected to bushfire and severe hail and windstorms.
Severe, unpredictable weather conditions can cause serious damage to business properties, so Australian businesses should ensure their assets and property are fully covered.
Australia is a popular tourist destination, attracting over 6 million visitors annually. With attractions such the Opera House, the Harbour Bridge and Bondi Beach, Sydney is one of the most popular tourist destinations in the world, and Australia’s other major cities Melbourne, Perth and Brisbane aren’t far behind. Businesses in the hospitality sector are however exposed to certain risks unique to the industry as managers and business owners have to deal with a wide array of human behaviour, often with the added involvement of alcohol. All businesses operating in the hospitality and tourism sector should therefore be appropriately covered for things like Public Liability, Fire and Storm Damage, Theft and Personal Injury.
Darwin’s mining and energy industry production exceeds $2.5 billion annually, while Perth and its surrounds generate 12% of income from businesses that predominantly operate in the Mining sector.
However, mining is one of the world’s most dangerous occupations. Miners face several dangers while carrying out their day-to day work, from cave-ins to gas explosions, vehicle collisions and fire. Businesses operating within the mining industry across Australia should take necessary steps to reduce the risk that they are exposed to, and ensure they have adequate insurance in place to cover them financially should an incident occur.
Australia is the 21st largest export economy in the world, exporting mostly Iron Ore, Coal Briquettes, Petroleum Gas, Gold and Crude Petroleum. Its top imports are Refined Petroleum, Crude Petroleum, Cars, Computers, and Packaged Medicaments.
Businesses operating within Australia’s Import Exprot sector are heavily involved with the loading, transportation and unloading of goods, on both a national and/or international scale, and workers are exposed to a varied set of diverse risks that are unique to the nature of the work. It is vital that businesses operating across this sector are fully protected with adequate insurance cover.