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  • Writer's pictureAmanda Bird

Preparing Insurance Claims for Business Interruptions

It's been a year of uncertainty, and entrepreneurs still face a daily struggle to keep the doors open for business.

Many stores have been impacted by COVID-19 and other events, such as the disastrous floods that have wracked areas of Australia. Bills have continued to pile up on top of sales and cash-flow concerns, putting the company's resiliency under strain.

Property damage, disruption of routine operations, supplier disruption, and, in some cases, site access denial have all likely resulted in financial losses for impacted retailers. Managing claims might divert merchants' attention away from their primary goal of reopening or rebuilding during these trying times.

What can retailers do to better position themselves in these trying times?

What You Can Do When Impacted by Calamities

Here's some advice on how to prepare for flood insurance claims after being impacted by a calamity:

  • Keep track of what happened. If feasible, photograph and take videos of the occurrence and any damage to property, plant, and equipment.

  • Determine the cause of the problem. To properly determine the source and nature of the damage, gather reports, drawings, and pictures as needed.

  • Unless necessary, such as for safety, to prevent further damage, or to recover, do not remove any damaged plant and equipment until the loss adjuster inspects it. If equipment and materials must be removed, store them temporarily rather than discard them.

  • To determine damaged assets and losses, complete a survey or assessment of property, plant, and equipment.

  • Consider whether to repair or replace damaged assets. Use damaged asset providers to analyse the amount of the damage, as well as their recommendations for stabilising or temporarily improving assets. Supplier advice should be supplied in writing.

How You Can Get Back in Business

Although merchants have been subjected to COVID-19 limitations in varying degrees for over a year, many eligible firms have yet to investigate whether they have a claim for business interruption damages.

Consider the following factors to see if merchants are entitled to file a business interruption claim under the business insurance policy:

Do you believe COVID-19 has caused a loss in your business? Has your revenue or business suffered a setback?

If you answered yes, check your business interruption insurance for insuring provisions, including any possible extensions. If you're unclear, get advice and clarity from your insurance broker or advisor.

Consider and gather data on crucial details about neighbouring epidemics at company places. What official directives or judgments have affected your company's operations? When did they arrive, and how long did they stay that way?

Consulting with Your Insurance Broker

If you think you might be eligible for a claim, talk to your insurance specialist to notify your insurers right away. They can also determine or clarify the claim's worth and provide direction for the following stage. They could undertake a coverage assessment.


The recent events in our country may have left you with some businesses impacted. If you're faced with a calamity, seek your insurance broker to find out how you can protect your business from interruption and recover from the devastating effects that have transpired.

Are you looking for a Gold Coast insurance specialist? New Wave Insurance can help you find the right insurance for your assets and business. Book a free consultation today!

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