Cyclone Alfred Recovery: Financial & Business Strategies from Industry Experts

In the wake of Tropical Cyclone Alfred, businesses across Queensland are facing significant challenges. AAMA recently hosted a webinar featuring industry experts from insurance, accounting, property services, and building management to provide guidance on financial recovery and operational resilience.

Key Takeaways from the Webinar

Financial Impact & Recovery Strategies
Tony Rossiter (Holmans) highlighted steps to assess and mitigate financial losses:

• Lost Revenue & Expenses: Businesses should document booking cancellations, operational disruptions, and clean-up costs.
• Government Grants & Assistance: There are financial support programs available, but navigating them requires careful documentation.
• Business Valuation Considerations: One-off losses due to natural disasters should be adjusted in financial reports to reflect normalised earnings.

Insurance & Risk Management

Chris Trail (EBM Insurance) provided insights on business interruption insurance and the claims process:

• Businesses should review policies to determine coverage for lost income due to the cyclone.
• A claim should be lodged even if financial losses seem minor, as cumulative claims can significantly impact business recovery.
• Preventative maintenance and proper documentation are critical for smoother claims processing.

Property Damage & Maintenance

Greg (WaterTight Group) and representatives from Programmed Property Services emphasised the importance of building maintenance and emergency response:

• Roof leaks, basement flooding, and structural damages need immediate assessment.
• Regular preventative maintenance—such as checking sump pumps and stormwater drainage—reduces vulnerability during extreme weather events.

Communication & Business Continuity

Kelly Rigby and Gush (MyBoss) addressed effective stakeholder communication and operational tracking:

• Clear communication with body corporate committees is crucial, especially regarding additional work charges and maintenance responsibilities.
• Property managers can use building management software like MyBoss to track damages, document repairs, and generate reports for insurance and stakeholders.
• Businesses should proactively update customers, residents, and investors on their recovery progress.

Disclaimer: This article contains general information only. Regrettably, no responsibility can be accepted for errors, omissions or possible misleading statements or for any action taken as a result of any material in this guide. It is not designed to be a substitute for professional advice, as such a brief guide cannot hope to cover all circumstances and conditions applying to the law as it relates to these items.