4 Areas You May Not Have Thought Business Insurance Covers
You work hard to build your business. So it’s vital to protect your business assets and revenue against potential risks that may impact your business, such as fire, storms, theft and accidental damage.
When insuring your business, consider cover to protect the following types of assets:
There are some items that you probably don’t give much thought to (like the old sofa in the staff kitchen), however imagine if you lost the everyday things your business relies on to operate.
Your contents includes everything you use to run your business from your premises, such as furniture (desks, chairs, filing cabinets and the boardroom table), technology (computers, laptops, projectors and photocopiers), appliances (fridge, microwave and dishwasher), and any other fittings.
When purchasing Content Cover from BizCover, it offers automatically includes cover for#:
Glass – Covers the costs to replace internal or external glass that is damaged or broken, such as windows, mirrors or porcelain.
Money – Covers money belonging to your business that is lost, stolen, or damaged, either at your business premises or in transit.
Theft – Covers theft of your insured property.
Transit – Covers loss, damage or theft of your goods whilst in transit in New Zealand.
Equipment breakdown – Sudden and accidental breakdown of mechanical, electrical or electronic plant and equipment.
Seasonal stock increase – Increases the sum insured by 20% during November, December and January for any insured stock you have.
Stolen keys – Covers the cost to alter or replace any locks or keys because they were stolen or illegally duplicated.
#Sub-limits and conditions apply. Refer to the policy wording.
Keeping an office inventory list can also assist you to keep track of your physical assets and will come in handy should you need to make a claim.
You can cover portable items owned by you, such as laptops, tablets, mobile phones, photographic equipment, trade person’s tools, and sporting equipment.
It’s important to keep an up-to-date record of your portable items, as they can be difficult to track if lost or stolen. Keep you receipts and note down serial numbers as proof of ownership. It’s also a good idea to take photos of these kinds of possessions so they can be easily identified. And always back up information stored on portable electronic equipment.
If you own your building would you be able to afford to re-build or restore your building if it was affected by fire, a storm or even an earthquake?
The cost of repairing or replacing a building may be significantly more than you expect, as building regulations are likely to have changed over the years since your premises were built.
It’s also important to ensure you don’t underinsure your building or you could be in for an unpleasant surprise when the time comes to make a claim and you are left severely out of pocket.
Imagine if a bad storm caused the roof of your office to cave in, or a fire swept through leaving it in ruins. Would you still be able to run your business and earn an income?
Business Interruption provides cover for the loss of income, as well as some of the increased costs of running your business as a result of interruption caused by events covered under a policy. And the good news is, you can include Business Interruption as part of your Business Insurance package.
It’s important to remember that your business will change over time, and so will your assets, therefore it’s important to review them regularly and update your policy where required. So if you haven’t reviewed your current policy in a while, now is the time to do it.
BizCover offers a range of insurance solutions to protect your business. You can tailor a policy to suit your needs and include other essential covers such as Public Liability and Professional Indemnity insurance to ensure you are not left financially responsible for the costs of a legal claim should a third party get injured in circumstances which are not covered by the Accident Compensation Commission or suffer property damage, or incur a loss due to the advice you provide whist you are doing business.
This is general advice only.