Are you properly protected and prepared? Lessons from the 2022 QLD and NSW floods

Capricorn Risk Manager showing a brochure to a Mechanic with both of them smiling to the photo

In February 2022, large parts of Queensland and New South Wales were ravaged by the most significant flood event in Australian living memory.

The impact was profound: homes and business premises were damaged or destroyed, livelihoods were harmed, lives were changed, and communities were affected in such a way that many are still living through the slow and difficult process of recovering and rebuilding.

As we reflect on an event of this magnitude, we thought it would be beneficial to share some of the lessons we’ve learned by working with Members in the aftermath of the floods.

This includes guidance on what to consider when setting up your protection or insurance to ensure that you’re properly covered and how to be prepared for future catastrophic flooding events.

As these floods highlight, climate change means that extreme weather events are only going to become more frequent as time goes on, so it could really pay to ensure that you and your business are as prepared as possible.

Protection/insurance considerations

Business Interruption

You should carefully consider optional benefits available, such as claims preparation costs, accounts receivable and additional increased costs of working, as these could help you navigate through a period of business closure more comfortably from a financial perspective.

Customers’ Vehicles

Ensure you have adequate levels of protection in line with the types and value of your customers’ vehicles.

Business Contents

Ensure you have the right levels of protection for your plant and equipment. Remember, you might need to purchase brand new equipment, and this should be considered when determining values.

How prepared are you for a future flooding event?

Ask yourself the following questions to gauge how protected and prepared you are.

Flood protection:

  • Do you have flood protection? Is it sufficient to cover possible losses and damage from a flooding situation?
  • Do you know what information you need to provide or document when submitting a claim?
  • Do you have your risk account manager/claims department contact information at hand?
  • Do you keep a current inventory of your important possessions to facilitate any claims that are submitted?

Creating an emergency plan:

  • Do you know the different types of floods that could affect your business/home?
  • Do you have an emergency plan in place?
  • Is your emergency plan reviewed and practised?
  • Do you have communication plans set up to alert your family members in the event of a flood?
  • Are your valuable items and papers stored above possible flood levels?
  • Do you know how to shut off your main utilities?
  • Do you have an emergency kit with copies of important documents and basic supplies for at least 72 hours?

General flood precautions:

  • Does your property drain water away from your business/house?
  • Do you have flood prevention materials, such as plywood, plastic sheeting, sand, sandbags and tools available and ready for use?
  • Are electric sockets and wiring raised above potential flood levels?
  • Are all the drains running from your premises in good working order?
Want to discuss your level of protection or insurance to ensure that you’re able to manage future flooding events?
Contact your local Risk Account Manager for more information, or simply call AU: 1800 007 022 / NZ: 0800 555 303 or email for assistance.

In Australia: Products sold through Capricorn Risk Services Pty Ltd (ABN 91 111 632 789) are: (i) discretionary risk protection products issued by Capricorn Mutual Ltd; and (ii) generalinsurance products issued by a range of insurers and brokered through Capricorn Insurance Services Pty Ltd. Before deciding to acquire any product you should considerthe Product Disclosure Statement available from Capricorn Risk Services Pty Ltd to see if the product is appropriate for you. Capricorn Risk Services Pty Ltd is a CorporateAuthorised Representative (No. 460893) of Capricorn Mutual Ltd (AFSL 230038) and Capricorn Insurance Services Pty Ltd (AFSL 435197). Capricorn Mutual Ltd haspublished a Target Market Determination for its protection which is available at

In New Zealand: Products sold through Capricorn Risk Services Pty Ltd include discretionary risk protection and general insurance products. Discretionary risk protection is issued out ofAustralia by Capricorn Mutual Ltd. Before deciding to acquire discretionary risk protection you should consider the Product Disclosure Statement to see if it is appropriate foryou. This can be obtained from Capricorn Risk Services by phone 0800 555 303, email or website General insurance products areissued by a range of insurers and are available through Capricorn Risk Services Pty Ltd as a member broker of PSC Connect NZ Limited. Capricorn Risk Services is a registeredfinancial services provider (390466) and a corporate Authorised Representative (No. 460893) of Capricorn Mutual Ltd (AFSL 230038). Capricorn Mutual Ltd has published aTarget Market Determination for its protection which is available at

This article was published 07/02/2023 and the content is current as at the date of publication.