Extreme weather conditions may impact business insurance

Posted: 2012-01-30

Heavy rainfall in central and southern Queensland has led to some residents evacuating their homes and businesses temporarily closing.

"People have already started to clean out a couple of houses and move that to higher ground because the advice from the bureau was that it was going to be as big as 2010 and maybe bigger," date farmer Ian Pike told the ABC.

"At this stage there is still a few unknowns as to how high it is going to reach here."

And while experts are predicting that a monsoon low could increase chances of severe weather conditions, it seems that most locals are prepared for tough times ahead.

Mr Pike said: "I think everyone is pretty happy - we are quite prepared to be cut off for a while."

Yet despite an upbeat attitude, it is still important for land owners and small business operators to make sure they are financially ready for the negative impact heavy rain can have on their commercial operations.

With this in mind, employers in the construction sector may find that updates are needed to their standard business insurance package in order to cover flood damage in addition to any loss of revenue that may occur during this time.