What Are the Specific Risks Faced By Perth Businesses?
Businesses in Perth face unique risks in regard to their location. PSC Direct’s Insurance Brokers in Perth have applied their knowledge of the state and its unique climate, economic trends and industries in order to identify risks that Perth Businesses are exposed to.
Summers in Perth are typically hot and dry, spanning from December through to late March. During this time, the city is particularly susceptible to thunderstorms and tropical cyclones. For many businesses, the effects of storms and cyclones can be catastrophic, from electricity faults to destruction of assets and structural damages, many Perth businesses are unable to recover when faced with the financial costs of repairs after such an event.
While you have no control over the forces of nature, you can fully insure your assets in order to minimise the financial impact on your business in the face of Perth’s damaging weather conditions.
The city of Perth and its surrounds contribute significantly to the Australian economy, with 12% of income coming from businesses that predominantly operate in the Mining sector.
Mining is one of the world’s most dangerous occupations, with businesses in this industry exposed to a high degree of risk on a daily basis, from cave-ins to gas explosions, vehicle collisions, chemical leakages, electrocution, explosions and fire. Any business operating within this industry should speak to a Perth Insurance Broker for advice on how to manage and mitigate the risks on-site and ensure their business, employees and the general public are adequately protected.
Tourism & Events
Perth is home to the Western Australian Parliament, the Art Gallery of Western Australia, Swan River and Perth Arena. Perth also hosts several cultural events and festivals as well as sporting events throughout the year. As such, tourism is an important contributor to the state’s economy, which hosts approximately 2.8 million domestic visitors and 0.7 million international visitors each year.
Perth Businesses operating within the tourism and events industries are exposed to a number of unpredictable risks, such as severe weather, natural disasters, transport disruption and terrorism; all of which can have serious financial impact on the business. It is therefore imperative that businesses in this niche speak to their insurance broker to put in place an effective risk management strategy that covers their assets.
Retail shopping in the Perth CBD is focussed around Murray and Hay Street, which house a number of arcades. Further large retail outlets can be found in Harbour Town, while boutique stores can be found across the Perth metropolitan area. These businesses face a significant amount of risk during their day-to-day operations, from Public Liability exposure to the risk of theft, fire or flood.
Perth Retail business 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.Just as every business is unique, so are the risks that they face, and in the case of property damage, these risks can be almost impossible to predict.