Business Risk v Insurable Risk
I was on the Gold Coast today and took the opportunity to take my wife and daughter on one of the first trams to start operating after years of traffic chaos and disruption to business. It was full circle for me as I caught one of the last trams on the last day to run in Brisbane back in 1969 with my Grandfather, who was one of the many dedicated tram drivers.
During the period of construction I have had a number of brokers and business owners write or ring to see if insurance was available for the disruption caused during the construction phase. Unfortunately for those concerned it is not an insurable risk but one of the many risks you face in running your own business.
I know that the whole construction phase, which included some much needed upgrades of underground water and other services took a lot more time than most of us thought and caused significant disruption and even some business failures.
Hopefully, with the work completed and some improvements in the economy, business will bounce back quickly. I will continue with this discussion on Wednesday looking at how a claim for business interruption for a claim previously effected by the construction should not be penalised or double penalised by using last year’s figures with a further drop in revenue. To view that article please go here.