For those in the hospitality industry, we’re often responsible for millions of dollars of property. When a disaster like Cyclone Debbie rolls through, all of our hard work and investment could go up in smoke.
On the latest episode of That Bad Review, I speak to Wayne Hepton. Wayne is an insurance professional at Australian Insurance Solutions and involved with a number of other organisations centred around insurance in the accommodation industry.
He has a lot of things to say about how important it is for people in our business to have good insurance. In this post I go over a few of his key points for making sure your business is prepared to withstand any disaster. It’s by no means a full manual, but hopefully, it’ll get you thinking about how you can prevent any catastrophes from hamstringing your operation. Believe me, this is something that nobody should skip on.
What to do Before an Event
Wayne is an insurance broker, so of course, he would be first to tell you about the importance of having a comprehensive insurance plan. But this is something I preach myself. If you’re familiar with my show, you know that I tout again and again how crucial it is to have great insurance and a great insurance broker. Someone knowledgeable and empathetic like Wayne is going to literally save your skin when something bad happens.
“No matter what you do in business…you can’t stop an action coming your way,” Wayne told me. However, you can always keep yourself prepared.
What to do During an Event
It’s critical that you keep calm and stay attentive during any sort of situation, be it a natural disaster or a guest falling and hurting themselves. You don’t want to be adding to the hysteria by becoming unhinged.
Record as much as possible. Keep CCTV footage, record weather conditions, take photos, obtain written statements and gather contact details. This list isn’t exhaustive either; anything that can help your insurance broker get a better idea of what’s going on is worth making a note on.
What to do After an Event
Your response to an event is key. Reach out to your insurance broker and see what they need from you. Take down statements from parties involved and check thoroughly around your property to see the extent of any damage.
Your premium will likely go up after an event. But Wayne says that he’s never had anybody, one, say they pay too much for insurance when a catastrophe happens., And two, complain about their premium being raised. The price you pay every month is a small trade-off for what you’d have to pay without insurance.
When acts of God happen, you’ll be thankful that insurance was there to keep you from going under. Always stay prepared.
Listen to my entire conversation with Wayne here.