Creating and launching a successful business requires you to invest valuable resources into its launch and growth. Unfortunately, even with the best planning and a great deal of time and money poured into it, unexpected circumstances can pop up and put you at risk of losing it.
The list of possible scenarios that could negatively affect your business, either for the short term or for the long term, could be anything. You could be sued for negligence. An employee could get injured at work. Your storefront could be destroyed by a natural disaster. You could become too ill to run your business. The list goes on and on.
Thankfully, there are various forms of insurance that can help you protect your company. Some types of insurance are recommended for every type of company. Other types of insurance are tailored towards specific industries.
No matter what industry your business is in, you can find the coverage you need that will help protect your businessand you.
Comprehensive Business Insurance
Protecting your overall business is critical. Your company needs to be properly insured to protect all that you have built. Comprehensive business insurance should be established to focus on each aspect of your company, to move it forward and make it successful.
BizCover has access to a network of insurance companies and can quickly provide you free, multiple quotes so you can compare policies without the need to ring around or visit multiple websites. Within minutes you will have options to choose from and can obtain coverage immediately.
Obtaining several quotes from different insurance companies will allow you to see not only the different coverage levels but also the cost of each policy. BizCover can make this process easier and faster. For more information regarding the benefits of comprehensive business coverage, please go to https://www.bizcover.co.nz/business-insurance/.
Business Insurance is designed to safeguard your contents, stock and other assets against unexpected events, like fire, storm, theft and accidental damage. The type of cover and the amount you need will depend on the nature of your business and the various risks it faces.
Professional Indemnity Insurance
When operating a business, your primary goal is to provide a positive impression to your customers. However, there may come a time when a client is dissatisfied with your service and they may incur a loss or suffer damage which arises from an act, omission or a breach of professional duty by you during the course of your business duties.
In today’s economic environment, the threat of potential claims being made against you is very real. It costs time and money to defend yourself against such claims, even if they are unfounded. The demand for compensation can be hundreds of thousands. Even if you are not found liable, the legal costs of defending yourself could seriously affect your business.
Professional Indemnity Insurance (PI) is designed to protect you and your employees by providing cover against such claims, including the costs of legal defence. Having the right PI cover offers you peace of mind, knowing you can confidently go about your work and protect your reputation should the worst happen.
Cyber Liability Insurance
Almost every business is dependent on their data to operate. The moment you connect to the internet you open your business up to the possibility of being targeted by hackers. Whether your website is hijacked and defaced, or your sensitive data and client information is stolen, the costs of repairing the damage and the legal costs associated with a data breach can have a significant impact on your business, not to mention the damage it can cause to your reputation.
More than half of SME’s in New Zealand have experienced IT security attacks at least once a year, and seventy percent have been affected by viruses, malware and scams. The estimated costs to New Zealand businesses as a result of Cyber-crime is $650 million annually* Cyber Liability Insurance is designed to protect your business against the expense and legal costs arising from data breaches which may occur after being hacked, or from the theft or loss of client information.
Statutory Liability Insurance
New Zealand businesses are facing increased exposure to statutory fines and penalties handed down for breaches of legislation, with businesses, directors and those in managerial positions being held more accountable and responsible for their actions in the workplace.
Statutory Liability Insurance protects you, your business and your employees, including directors, trustees and managers, against certain unintentional breaches of New Zealand Acts of Parliament. It covers the costs of representation in investigations for alleged breaches affecting commercial businesses, as well as defence costs and fines or penalties payable following conviction for an offence under an insured statute.
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Employers Liability Insurance
Whilewe all go to great lengths to ensure a safe working environment, and no matter how much we plan, accidents do occur.
Employers Liability insurance protects you against settlements or damages, including defence costs, as a result of an employee suffering bodily injury arising out of his or her employment where the Accident Compensation Commission (ACC) does not provide cover.
Reviewing and purchasing insurance is one of the most important areas to safeguarding your business. As you grow your business, be prepared to revisit your insurance coverage needs to find the right solutions. In doing so, you can rest easy knowing your hard work is protected from life’s many uncertainties.