Risks and Losses Don't Take a Holiday


Risks and Losses Don't Take a Holiday

While the festive and holiday seasons is a time that we all look forward to, we all still need to be vigilant when it comes to risk and protection.

Fire

Three points immediately come to mind when someone thinks of fire.

  1. Many businesses are very diligent in having all their electrical equipment tested and tagged regularly to ensure that their employees are safe and their physical assets are less likely to be effected by an electrical fire, but then go out and purchase cheap Christmas lighting and other electrical decorations which can then burn down a multi-million dollar building and destroy the business.
  2. During Christmas functions that may be held for customers and staff at the premises, no smoking and no drinking rules that are normally in place may be relaxed and again something as simple as an inappropriately discarded cigarette butt has caused many a fire.
  3. In the mad rush to get that last job finished and staff out the door, electrical appliances that ought to have been turned off for the holiday period have been left on or oily rags have not been disposed of properly and spontaneously combust.

Storm & Water

December and January are a peak period for storm events right across Australia, including hail, flood and severe rain storms. Before heading off on leave, it is prudent to check that all gutters are cleaned, there are no blocked drains and there is no debris or other material left in the carpark which are likely to blow or wash into a drain and cause a blockage.

It is not just storms that can cause water damage. A lack of preventative maintenance on leaky taps, blocked drains and hoses left under pressure for long periods can all result in failure and major water damage losses. Please have all the building and equipment maintenance issues addressed before you close for Christmas.

Theft and general premises protection

A quick check of the property to ensure all taps are off, all electrical appliance that should be off are, the alarm is on, active and working as it should, smoke detectors are tested, batteries replaced etc. are all good business practices that we encourage you to follow. If the premises (or home) is going to be left empty for more than 30 days, it is prudent to advise your insurer or Capricorn Risk Services to ensure you are not in breach of any policy or protection conditions. Capricorn Mutual has a 30 day 'Unattended Premises' condition which means Members have to advise us if they leave the premises unattended for more than 30 days.

With any period of time where your premises are going to be unoccupied, all safes, doors and windows need to be locked with all the keys removed. Any security measures that you have advised Capricorn Risk Services about or your insurer need to be in place. Failure to do any of these may mean when making a claim that you could not be protected.

With these simple measures in place, you can have peace of mind over the holidays.

Whenever you go on a well deserved holiday remember, hope for the best but plan and protect for the worst. Email info@capricornrisk.com for more information.

*For a full list of risks protected please see Protect Against Risk.

Products sold through Capricorn Risk Services Pty Ltd (ABN 93 111 632 789) include discretionary risk protection and general insurance products. Discretionary risk protection is issued out of Australia by Capricorn Mutual Ltd. Before deciding to acquire any product you should consider the Product Disclosure Statement available from Capricorn Risk Services Pty Ltd to see if the product is appropriate for you. General insurance products are issued by a range of insurers and in Australia are brokered through Capricorn Insurance Services Pty Ltd.  In New Zealand they are available through Capricorn Risk Services Pty Ltd as a member broker of PSC Connect NZ Limited. Capricorn Risk Services Pty Ltd is a registered financial services provider (390446) and a corporate Authorised Representative (No. 460893) of Capricorn Mutual Ltd (AFSL 230038) and Capricorn Insurance Services Pty Ltd (AFSL 435197).

This article was published 20/07/2020 and the content is current as at the date of publication.