Peak retail industry body the Australian Retailers Association (ARA) recently urged retailers to ensure they were adequately insured against the possibility of natural disasters as the Australian fire and flood season opens.
ARA Executive Director Russell Zimmerman said as Australia heads into the peak time for the possibility of natural disasters, retailers needed to review their insurance policies to make sure they don’t find themselves underinsured in the devastating event of a natural disaster.
“This is a timely reminder to Australian retailers that they’re operating in a land of fire and floods, and the consequences of cutting down on insurance costs means they could find themselves underinsured.
“One in every 500 businesses will suffer from a natural disaster in Australia and 43 percent of businesses that experience a natural disaster never reopen.
“Many retailers find out too late they don’t have the insurance cover they need to rebuild their businesses after a fire or flood, which is a sad realisation given they could have recouped their business by insuring to the full value of the business.
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