What Are the Specific Risks Faced By Brisbane Based Businesses?
Situated on a low-lying floodplain, Brisbane is often exposed to major floods, the worst occurring in February 1893, January 1974 and most recently in January 2011. These floods cause severe damage to businesses across the city, which often results in a temporary halt to operations.
It’s important that businesses in Brisbane and other areas of Queensland are fully protected for flood damage and the costs they may incur as a result of ceased operations. Appropriate insurance cover can ensure your business survives with minimum losses.
From 2001 until 2010, Brisbane and its surrounding areas experiences the most severe drought in over a century, with dam levels dropping to just 16.9% of their capacity. Residents and businesses had to function under local laws surrounding water restrictions and usage.
The agricultural industry is a major consumer of water in the Queensland economy, so the 30,000 businesses operating in this industry can be severely impacted by drought. Contributing over $10 billion annually to the Australian economy, it’s important that these agricultural businesses are fully protected with an appropriate insurance policy.
Hospitality & Tourism
Brisbane is the third most popular tourist destination in Australia, after the huge metropolitan hubs of Sydney and Melbourne. Tourism plays a major role in Brisbane’s economy, with sights such as South Bank Parklands, the City Botanic Gardens, Brisbane Forest Park and the Lone Pine Koala Sanctuary drawing national and international visitors to the area.
These businesses not only contribute to the state’s economy, but also offer employment opportunities for people across the state. Such great responsibility should be backed up with a comprehensive insurance policy that covers things like Public Liability, Fire and Storm Damage, Theft and Personal Injury.
Brisbane lies in the Tropical Cyclone risk area. While severe cyclones are rare, the city is often exposed to severe thunderstorms in the Spring and Summer months. These thunderstorms have been known to cause significant damage to homes and businesses across the state, by tearing off roofs, felling trees, shattering windows and destroying cars.
When hit by serious storms, businesses can struggle to cover the financial costs necessary for repair and may have to cease operations temporarily or permanently. Appropriate Property and Business Interruption insurance policies can help companies survive with minimum losses.