What to do if your business is affected by a natural disaster

It pays to know the steps you can take if an angry Mother Nature throws the worst at your business.

From fire and flood to severe storms and cyclones, natural disasters can have a devastating impact on your business. But it is possible to get your business back on its feet. The key is to take early action.

First steps to recovery

The first step is to get in touch with your insurance company. Do this before you start cleaning up as your insurer can explain what they will need to support your claim such as photographic evidence of the damage. They will also alert you to steps you should take to minimise further damage, like covering damaged roofs with tarps. 

Before you start cleaning up, contact your state’s Workplace Health and Safety authority for tips on how to do the job safely.

Next, check if any government support is available such as help with cleaning up or recovery grants.  Following the recent bushfire crisis, the Federal Government and some state governments rolled out relief payments to bushfire-impacted businesses1.

Contact the Tax Office to discuss options to delay regular tax payments or for support rebuilding damaged tax records. The number to call is 1800 806 2182.

Assess whether you should keep going

At this point, you may feel that you simply don’t want to rebuild. That’s understandable, especially if your broader community has been impacted. 

But give yourself time to make a final decision. Many businesses do make a lasting recovery from disaster.

Rebuilding your business

Helping your business return to normal following a natural disaster can call for an investment in new equipment or loan funds to provide valuable working capital. 

Fortunately, there is a range of finance options available. What matters is that you choose the right type of finance, have the appropriate loan structure in place, and secure a competitive rate.

This can seem like a tall order when you’re in the process of getting your business up and running again. 

That’s why it makes sense to have the support of a Mortgage Choice broker, who can do all the legwork on your behalf finding the right loan and lender for your business needs, while you focus on rebuilding.

Harness every bit of help

A natural disaster can be a time of great stress for everyone. And it’s sensible to tap into every source of help and support that’s available.

Your local Mortgage Choice broker can be an important link in the chain to help your business recover and rebuild for the future.

Posted in: Small business