Commercial insurance questions answered

While shopping for personal insurance becomes increasing consumer-driven, the challenges of building an insurance package around a business illustrate where advisers / brokers who specialize in commercial insurance are essential.

Every business is different, and so its risks and loss exposures are unique. Insurance professionals help business owners understand both the regulatory and fiscal laws and mitigation steps necessary to safeguard operations.

There are ten common types of business insurance owners should consider right off the bat, according to SUN INSURANCE:

• General liability insurance;

  
  

• Statutory Liability insurance;

  
  

• Employment Liability insurance;

  
  

• Product liability insurance;

  
  

• Professional liability insurance;

  
  

• Directors & Officers Liability insurance;

  
  

• Commercial property insurance;

  
  

• Business Interruption insurance;

  
  

• Home-based business insurance; and

  
  

• Business owner's insurance.

Additional cover may be necessary if, for instance, a business requires staff, equipment, multiple locations, vehicles, or the transportation of goods — just to name a few of the distinctions that can impact insurance concerns. Here are four basic steps recommended SUN INSURANCE to manage business insurance:

1. Assess the risks. Think about what kind of accidents, natural disasters, or lawsuits could damage the business. Is the business located in a commercial area that is at risk from any seasonal event? Commercial property insurance will help protect against loss.

   
   

2. Work with a reputable, licensed adviser / broker. Commercial insurance professionals help find policies that match the business needs. Most importantly, the adviser / broker work on your behalf and represent your interests to the insurance companies. Thus, the relationship and communication that you have with your broker is very important.

   
   

3. Shop around. Prices and benefits can vary significantly. Compare rates, terms, and benefits for insurance offers. BUT, also be very mindful that some insurance companies do offer much lower rates than others due to their much higher rate of claim rejection due to underwriting being done at the time of loss instead of before on-boarding. Also, need to provide the same information to all as if not the quotes will not be able to be compared apples for apples. Price for insurance should not be the driving reason to change an insurance policy (or any insurance policy for that matter) but the ability of the insurance company to deal with claims and the payment of these within a reasonable time.

   
   

4. Re-assess every year. As the business grows, so do its liabilities. Whenever a business owner purchases or replaces equipment or expands operations, it's time for a call to their insurance advisor for a discussion about any changes to the business and how they alter insurance risks and needs.

   
   

   When insurance risk cover confusion arises in the face of a claim you can turn to SUN INSURANCE for answers to complex policy questions.

   Tel: 09 360 5555

   Mob: 0273 000666

   E mail: info@suninsurance.nz

   Web: www.suninsurance.nz

   
   

   

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