You only have to watch the news to see the devastating impact that natural disasters have been having not only here in New Zealand but across the globe. The impact of a natural disaster might be enough to close your business for a few days to lengthy periods of time.
That’s why it is wise to have a plan so your business can maintain some functionality and ultimately survive if you do encounter a natural disaster. Being prepared and having steps in place can give you the confidence to feel ready if a disaster were to occur.
Our easy-to-follow guide shares some key action items to think about when preparing your business against natural disasters.
Have an emergency plan
When an emergency occurs, having some sort of idea of what to do and a plan to follow may assist to alleviate some of the stress of the situation. It doesn’t have to be a complex plan, but just some basics to help you and your business feel prepared when you need to be.
Some of the things you may want to consider having in your emergency plan may include:
- a continuity plan on how your business can continually be aware of any risks to your business and how to keep it safe
- what to do when disaster strikes- if you have a team of staff allocate roles like first aid officer for example
- recovery- what steps do you need to take to get your business back up and running if it is impacted by a disaster?
Protect your business with business insurance
When you have worked so hard to get your business established, the last thing you want is for a threat like a natural disaster to wreak havoc. This is when having Business Insurance* in place to protect your business can provide some much-needed protection and peace of mind.
Some of the types of Business Insurances that may help safeguard your business include:
Building insurance*: Covers physical loss or damage to your insured buildings as a result of an insured event (such as fire, storm, flood and other perils).
You also can get optional cover for natural disasters, including earthquake cover**
Portable Equipment*: Covers you for loss and damage to your tools and equipment due to theft, fire and other perils listed in the wording, anywhere in New Zealand.
Contents*: Cover for loss of or damage to items such as business equipment, stock, plant and machinery, records, fixtures and fittings and furniture belonging to you at the insured location.
You also can get optional cover for natural disasters, including earthquake cover**
Business Interruption*: Business Interruption insurance provides cover for the loss of income and increased costs of operating your business caused by a specified insured event (such as property damage or fire). It is also designed to assist your business to recover from an insured event by paying ongoing expenses (such as wages or rent).
You can also get optional cover for natural disasters, including earthquake cover**
Review your business insurance
Being prepared by understanding what kind of coverages you have in place for your business is a wise move. When reviewing your business insurance keep the following things in mind:
- Do you have the appropriate kinds of coverages in place
- Are you policies up to date and do you have enough cover?
- Check your policy for any exclusions, sub-limits and ensure your coverage is appropriate for your business and its current situation
Being prepared and having a few things in place like an emergency management plan and your business insurance sorted can help your business for the long haul. If you need to get your small business insurance policies sorted, let us lend a helping hand here at BizCover.
Maybe your renewing your existing policy or buying your first business insurance policy, we are there each step along the way. Life is stressful enough, so we don’t believe in paperwork or complicated insurance lingo, just easy, online insurance at the click of a button.
Visit bizcover.co.nz and get insurance for your small business without the stress so you can get on with your day. Rather chat to a person? You can find us at 0800 249 268.
*This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. © 2023 BizCover Limited.
**Cover for natural disasters is subject to the location of your business and is not available to all postcode areas. Sub-limits and conditions apply. Refer to the policy wording.
