Insurer CGU finds Australian Business Unprepared

Australian Insurer CGU recently surveyed 500 Australian small business owners found that:

  • 25 per cent would have to shut down if they experienced a business disruption such as a major fire or storm.
  • This figure jumped to 38 per cent if the shut down happened during a busy period in the year for that business.
  • A further 23 per cent of business owners said their business would struggle to cope with a three-month closure, and their business survival would be threatened

According to Twain Abbott, National Underwriting Manager of SME Business, CGU insurance “I encourage small business owners to sit down with an expert insurance adviser who can tailor the right insurance cover for them.”

Mr Twain recently told Business Franchise Australia and New Zealand “In purchasing your business insurance, you should consider your vulnerability to size and frequency of a loss. Covers that protect you for a sizeable loss include Fire, Business Interruption, General and Professional Liability, and Personal Accident.

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