What Are the Specific Risks Faced By Gold Coast Businesses?
Storms & Floods
The Gold Coast has more than 55 kilometres of coastline and over 260 kilometres of navigable waterways. These natural and man-made features that make the Gold Coast lifestyle so unique also present significant challenges and opportunities for managing storms and flooding that are predicted to occur with climate change.
The Gold Coast is subject to existing, future and residual flood risks and has experienced more than 45 floods since 1925. Past flood events have caused moderate to extensive damage to private property, community buildings, bridges and roads. The area experienced catastrophic storms and resulting flooding which affected thousands of homes and businesses across the state earlier this year. To date, most claims lodged in relation to recent storms have been property-related; the most common being to cover the costs associated with repairing and replacing broken tiles, smashed windows and ruined carpets. This highlights the importance of protecting your business property against the destructive effects caused by the forces of nature. PSC Direct Insurance Brokers Gold Coast specialise in sourcing appropriate policies in order to ensure your property is fully covered in a destructive event such as this. We can assist you in valuing your assets so that you don’t find yourself underinsured, and receive the maximum possible cover if the worst does happen.
Tourism & Hospitality
The Gold Coast is known nationally as an Australian tourist hot spot, housing the world-renowned Dreamworld, Warner Bros. Movie World and Sea World with more theme parks being added to this list each year. These attractions as well as the attraction of the beautiful natural landscape sees the Gold Coast hosting over 4 million visitors yearly, 19% of which are international visitors. These visitors frequent a variety of local businesses during their stays including theme parks, accommodation businesses and eateries & bars.
The tourism industry has accounted for 3.1% of the State Gross Value Added (GVA) in Queensland in recent years and is also a significant contributor to employment, accounting for approximately 124,000 jobs.
At PSC Direct, we understand that insurance cover is vital for the peace of mind of any business owner, particularly business operating in the Tourism industry where managers have to deal with a wide range of human behaviours. As such, we can ensure that Tourism businesses in the Gold Coast are appropriately covered for things like Public and Product Liability as well as fire and storm damage, theft and even personal injury.
In Gold Coast City, retail trade is the largest employer, generating 35,363 local jobs in 2013/14. In order to protect the city’s economy for the long term, these businesses should be fully protected with a comprehensive retail insurance policy that protects the company, its owners and its employees.
Gold Coast retail businesses should consider appropriate insurance cover for their needs. This will depend on a number of factors such as the size of the business, what it sells and the number of employees and can be easily determined with the help of a PSC Direct Insurance Broker.