ICA provides consumers with information about risk management and business insurance

The Insurance Council of Australia has launched a number of information modules to help consumers better understand the relationship between risk, available data and business insurance premiums.

These can be found on the Insurance Council of Australia website, under the heading 'Affordability Projects'.

It's important all consumers are well versed in the hazards facing their communities, such as natural disasters and severe weather events, as well as equip to devise practical solutions to them.

The website reveals that tens of billions of dollars' worth of damage has been experienced by home and business owners across the country in recent years, and it pays to be prepared for the events that cause this.

One of the information modules, titled ICA Data Globe, provides users with "an extensive visual database of natural hazard mapping information", so they can see which regions are at risk of floods, earthquakes, bushfires, storms and more.

This should enable consumers to take steps to protect themselves against severe weather events that are specific for their area. If, for example, your business is located somewhere that's prone to bushfires, you may want to arrange business property insurance that includes fire cover.

Another of the information modules, titled James Cook University (JCU) Engineering Inspections, is targeted at strata-title holders in North Queensland.

For a while now, JCU has been recommending that strata-title properties undergo "regular engineering inspections" to not only make sure they are equipped to withstand severe weather events, but also collect data on how these buildings perform during natural disasters.

This module will help strata owners and strata managers to identify "vulnerabilities" in their buildings and address them to keep damage to a minimum.

If you're looking for information on risk management, get in touch with your local Elders Insurance agent. We can assist you in adding a comprehensive business insurance policy to your risk management strategy.