The best small business insurance idea is to be very sure that you understand precisely what you are covered for under your policy and have correctly defined insurance coverage for your business.
The definitions of what you are insured for is covered in the clauses of your insurance policy and in the terms and conditions for those clauses.
Insurance is one of those things that many small business owners decide to forgo when times are tough. Many small business owners see it as an expense they can’t afford.
If you are running a business, small or large, insuring it against damage, fire, flood, vandals, theft and everything else, is not a luxury. It is an essential if you want the business to remain intact.
It only takes one unforeseen event to destroy your business and send you into bankruptcy. The most recent example of this type of catastrophe is the floods in Queensland Australia. Many of those small businesses will not have been insured. Those that were insured may not be covered for the flood type.
Businesses that did have insurance may not be covered for Riverine flood. Their insurance policy may only have included flash flooding. This is going to be a serious problem for many of these small business owners who thought they were insured but never clarified it by reading through the terms and conditions of their policies.
Most insurance policies for small business include flash flooding. Flash flooding did occur in Toowoomba Grantham and the Lockyer Valley west of Brisbane; but the flood damage to Brisbane, Rockhampton, Dalby, Emerald and other regional cities in Queensland was Riverine flooding.
Riverine flooding is defined by insurance companies as flooding that occurs from rivers, creeks or water courses that rise more slowly. Water that overflows containment banks is called riverine flooding.
You would be well advised considering the recent weather events in Queensland Australia to check all your insurance policies today and make sure you, and your car, are insured for all events.
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