What Are the Specific Risks Faced By Businesses in Sydney?
Businesses in Sydney face unique risks in regard to their location. PSC Direct’s Insurance Brokers in Sydney have applied their knowledge of the state and its unique climate, economic trends and industries in order to identify risks that Sydney Businesses are exposed to.
Storms & Bushfire
Sydney is rarely affected by the cyclones that hit other parts of the country, however drought, bushfire, storms and flooding are more commonplace in the area during Spring and Summer. The city is often affected by severe hail and wind storms, the most notable in 1999, where 9cm hailstones battered the city and caused insurance damages of over $1.7 billion in less than 5 hours.
Such severe, unpredictable weather conditions can cause serious damage to businesses properties. It’s therefore important that businesses operating within the area have their assets and property fully covered.
Sydney has long been recognised as a manufacturing city, and is the largest manufacturing centre in Australia with the industry making up 8.5% of the city’s employment. Sydney’s manufacturing industry primarily focuses on the domestic market and high tech manufacturing.
While manufacturing businesses contribute a significant amount to the Sydney economy, businesses in this sector are particularly exposed to a huge amount of risk. This comes in the form of employee injury, vehicle collision and machinery breakdown. In such a high-risk industry, all businesses should be fully covered with an appropriate insurance policy.
Hospitality & Tourism
Home to world famous sights such as the Opera House, the Harbour Bridge and Bondi Beach, Sydney is one of the most popular tourist destinations in the world. The 7 million people who visit Sydney annually contribute over $5.9 billion to the economy, which can be attributed to the many hospitality businesses in the city.
These businesses however are exposed to certain risks unique to the city. In Sydney’s hospitality sector, 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 this sector should therefore be appropriately covered for things like Public Liability, Fire and Storm Damage, Theft and Personal Injury.
Sydney has hosted some of the biggest events in the world, from huge concerts at the Opera house to the Summer Olympics of 2000. The amount and type of risks event organisers are exposed to is dependent on the size of the event, the location, and the sport. High profile events can be widely affected by a number of different risks including severe weather, natural disasters, transport disruption and terrorism or political violence.
Cancellation, postponement and delays to an event can have huge financial impact for the organisers and sponsors, with situations that are out with the control of the organiser often resulting in high costs and serious losses in revenue. PSC Direct’s Insurance Brokers Sydney can recommend the most appropriate insurance for businesses operating within this sector.