Almost 70% of underinsured and uninsured establishments perish in a bushfire, among other catastrophes, according to the Insurance Council of Australia. As investors, we often undermine the value of insurance, thinking of just compliance and not as a precaution for future needs.
Having a clear understanding as to how much it would cost for reconstructing your business will show the significance of getting your property insured. For fire risk areas, the rebuilding requirements are often costly, as this would include fire suppression systems that add around $150,000 on top of your rebuilding expenses.
Insuring your business promotes continuity, and there are insurance schemes that will even assist in paying off wages while you recover. Fire insurance has never been costly, so think now before it’s too late.
Read more about this on the Sydney Morning Herald website.