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Sydney is the capital of New South Wales and Australia’s largest, most populated city. A popular destination for foreign visitors, Sydney hosts over 2.8 million visitors annually (almost half of all visitors to Australia) and is known to be one of the most multicultural cities in the world; with over a quarter of its residents born overseas.
Sydney has an advanced market economy, contributing a staggering $377 billion to the country’s economy. There are over 450,000 businesses based in Sydney, which is home to almost half of Australian companies and two thirds of multinational corporations. Global companies are particularly attracted to Sydney because the time zone fits with the close of business in North America and the opening of business in Europe.
Such a significant city and contributor to the Australian economy, businesses in Sydney should be protected. That’s why PSC Direct Insurance Brokers have researched the specific risks that businesses in the area are exposed to.
Our Sydney Insurance Brokers can help your business survive the unexpected, with minimum losses.
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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.
Our Insurance Partners
What Do Insurance Brokers Sydney Do?
What Do Insurance Brokers Sydney Do?
We know that choosing the right cover for your business can be complicated, but we also know that it is necessary to fully protect your business, assets and livelihood. That’s why PSC Direct makes it easy for you to get the cover you need, when you need it.
Our expert Sydney Insurance Brokers will source the most appropriate cover for your business, whatever sector you operate in. Insurance Covers we may suggest for businesses in Sydney may include:
- Public Liability Insurance: Public Liability Insurance protects you and your business against the financial risk of being found liable to a third party for death or injury, loss or damage of property or economic loss resulting from your negligence.
- Business Building Insurance: Providing your company with financial protection in the event that your building is damaged or requires structural improvements as a result of flood, fire, earthquake, theft, or storm damage.
- Machinery Insurance: Specific cover for machinery and equipment; a machinery insurance policy is more specialised than commercial motor vehicle insurance, most notably because it covers off-road usage.
- Business Travel Insurance: Business Travel Insurance is a form of insurance cover for SMEs that provides company directors and employees with cover for any disruptions that occur while they are travelling domestically or internationally.
- Business Car Insurance: Business Car Insurance protects company vehicles against any financial losses related to owning and operating them.
Get a Quote
As specialist small business insurance brokers, PSC Direct uses our considerable experience to provide multiple quotes for you. Combining our expertise insuring thousands of other similar businesses with our detailed database of insurers and insurance products; we’re best placed to advise you on the right insurance for your business.
We have strong relationships with the leading underwriting agencies and insurance companies. We can source the most appropriate business insurance policy for you, covering you for what you really need, at the right price.
If you are a Sydney-based business owner, we can find a policy to suit your unique requirements.