A key part of being a responsible business owner in NZ is investing in commercial insurance. Commercial insurance policies protect you financially, covering the financial aspects of unforeseen losses or other kinds of incidents.
There’s always a chance that something can go wrong during your daily operations. But, with insurance, you can set those worries aside and know that if something does happen, you’ll be okay.
Understanding Different Types Of Insurance Coverage For NZ Businesses
Insurance policies can cover incidents involving property damage, business interruption, public liability, vehicle insurance and so on.
Commercial Vehicle Insurance. Do you have any company vehicles? Your company cars are very valuable assets, and it’s vital that you protect them in every way you can. Vehicle insurance protects cars, trucks, specialised vehicles and more that you use to get your work done. Insurance can cover damages, theft, vandalism and other issues that your vehicle may face.
If you need to use your vehicle every day, then one problem could interrupt your entire business.
Liability Insurance. This commercial insurance protects NZ business people from the financial consequences of legal actions. For example, if your business is sued because you accidentally caused property damage or injuries, then this can cover legal costs and more.
Commercial Asset Insurance. What kind of assets does your business have? Equipment, buildings and even digital assets like software are essential for your daily operations. This insurance financially protects you against costs from loss, theft and damage.
If you lose or break an expensive piece of equipment, then you could have trouble saving up enough money to replace it. This insurance lends you a hand by making it easier to replace your compromised asset.
Business Interruption Insurance. Your business can be interrupted by unforeseen problems, like natural disasters, putting a serious dent in your operations. Business interruptions could make it more difficult to pay your employees, pay rent, etc. This commercial insurance coverage helps you stay financially afloat during unpredictable times.
Cyber Insurance. Cyber hazards become increasingly more threatening as the world’s technology advances. Data breaches, hacking and other digital problems can be as confusing as they are difficult to handle. This coverage will help you cover the costs of data restoration, system repairs and more.
As a business person who works with clients and business partners, you may have to handle sensitive information like addresses and payment details. A cyber attack can compromise the safety of your business and those you work with, so staying safe and diligent is a must.
Machinery Breakdown Insurance. Machinery can break down for a variety of reasons, and problems can sometimes be unexpected and sudden. This commercial insurance helps NZ companies when machinery needs to be repaired or replaced.
How To Secure The Right Coverage For Your NZ Business
The best way to get the right commercial insurance policy for you is to work with a qualified insurance broker.
Every NZ business is different; what makes yours unique? A great insurance broker will take time to understand your specific situation, including your operations, risks and goals. Be honest about your situation so they can provide you with appropriate help.
One key part of providing you with applicable insurance support is understanding your risks. Unfortunately, many NZ business owners under-insure their businesses, potentially leading to expensive situations that they’re unprepared for.
Ask yourself these questions with your insurance broker when assessing your risks:
- What could go wrong at my business?
- How could natural disasters, like floods and earthquakes, affect my commercial space?
- What kind of equipment do I use, and how could it be compromised by damage or theft?
- What company vehicles do I use?
- Could health and safety breaches happen at my workplace?
- What kind of legal issues could I face regarding liability?
Rather than taking a one-size-fits-all approach, your business insurance broker will think about your business as a unique entity. They will offer you expert advice based on your industry, budget and risk profile.
Going through potential risks now will help you prepare for them in the future. On top of getting insurance coverage, remember to take additional steps as well. For example, while you should get vehicle insurance, you should also drive safely and take good care of your vehicles.
If you ever do need to make a claim, then your business insurance broker will be there to walk you through the process.
Staying Covered With Commercial Insurance In NZ
Visit our Baileys Insurance website to learn more about your options. We’ll also be happy to discuss marine insurance, life insurance, health insurance and more with you.
We understand that insurance matters can be confusing and stressful, so we’re here to help. Call us on 0800 898585 or message us online to get started.
Baileys Insurance: Receive the personalised insurance help you deserve for your business.
