Dramatic events, such as earthquakes and floods, tend to bring life sharply into focus by forcing you to realise your business is both your job and your ability to look after your family. The stress of business income loss and the costs of becoming operational again can be significant. You need to have a back-up plan and protection should the worst happen.
Whether you are a sole trader, contractor or run a company, you need to guard against work and business risks. It is wise to insure your business to protect you should something go wrong
There are many types of insurance (some industry specific) to choose from, so the key is finding out what cover is the best fit for you.
While natural disasters are one of the risks businesses face today, there are others to consider including:
1. Review your insurance cover annually, or as your business changes, to make sure you are adequately protected.
2. What excess are you willing to pay?
This is the amount of money you agree to pay towards repairs. Generally the lower the excess the higher the premium (the annual cost of the insurance). Things to consider when working out your excess:
3. What type of policy?
4. Talk to a specialist such as an experienced insurance broker who can help find policies that suit your specific requirements.
5. Read and understand the fine print so you don’t get a nasty shock - get your insurance broker to explain the technical terminology.
6. Disclosures are legal requirements – if you don’t tell the truth, you’re risking not having cover.
n3 Supplier BizCover operates New Zealand’s leading online business insurance site. Their online platform allows business owners to compare quotes quickly and easily, then select and buy the right policies to suit their specific needs. BizCover has created a Business Insurance Pack, providing tailored cover for a range of business assets – with the option to include Business Interruption cover – to get you back on track after an insurable event. Underwritten by AIG, the BizCover Business Insurance Pack provides cover for
To find out more about how BizCover and n3 can help you with your business insurance, contact us on 0508 20 30 40 or flick us an email at email@example.com.