In the wake of three recent fires that have severely damaged business premises in Canberra and Melbourne, a new, free business resilience tool has been developed to help SMEs prepare for and mitigate business risks.
Developed by the Know Risk Network, the My Risk – Business business resilience tool offers tips for SME business owners to help them avoid having to face significant rebuild costs and a period of interrupted trade when their business premised suffers major damage. The tool also reminds business owners of the dangers of being underinsured.
Know Risk Network launched the tool after The Stokehouse and The Port Albert Hotel in Melbourne and Canberra’s Sydney Building suffered serious fire damage. Know Risk Network says the businesses where the fires started and many around them now face significant rebuild costs and several months of interrupted trade.
According to research by the Insurance Council of Australia, of Australia’s 300,000 plus small businesses, more than 50 per cent have no business interruption insurance to get them through a period in which the business could not operate and 26 per cent have no insurance at all. Underinsurance can cause business failure as many business owners underestimate the costs and time of getting a business back up and running.
My Risk – Business, which forms part of the Know Risk Network, is an independent, free online profiling tool that identifies the key risks to SMEs in over 50 sectors to help them to change their behaviours to reduce the risks they face. It also gives information and tips to help business owners understand insurance and to discuss their policy options with a broker by printing out their My Risk – Business information.
The Know Risk Network is an award-winning risk tool for individuals and businesses that was created after the 2009 Victorian Bushfires. For more info, visit www.knowrisk.com.au.