Winter Could Spell Trouble For Underinsured

Business Mentors NZAnd Tower Insurance Warn Winter Could Spell Trouble For Underinsured Kiwi Businesses
Entering winter without adequate insurance could be putting Kiwi businesses at risk, warns TOWER Insurance, one of the country’s oldest providers, and not-for-profit mentoring organisation, Business Mentors New Zealand.

According to Julian Lough, National Manager - Commercial Sales at TOWER Insurance, a Business Mentor’s Patron, winter can present businesses with a wide range of seasonal problems. New Zealand companies that are underinsured or don’t have the right insurance could find themselves caught out and footing a substantial bill.

‘In most industries, winter can present a business with a unique set of issues,’ explains Julian. ‘Nationwide storms are a common problem throughout the wetter months, potentially causing millions of dollars of damage to buildings, stock and equipment. The effects of wild weather, such as blocked roads, landslips and closed airports can also have an impact on a company’s income and ability to operate. In some cases, the business can’t function at all until the problems have been resolved.’

Julian recommends business owners talk to an experienced business insurance provider to check whether their current policy provides cover for such scenarios over the coming months. Julian particularly highlights the importance of having business interruption insurance in addition to cover for business assets.

‘It is important to check that your business insurance covers such disasters as flooding and wind damage,’ says Julian. ‘Don’t just assume that you are covered. Read through your policy so you understand exactly what level of protection you have. If you or your insurance provider spot any areas where you could be vulnerable, sort them out now.’

‘It is essential that companies buy the right type and amount of insurance and update their policies annually to include business improvements, major purchases and refurbishments,’ adds Julian. ‘That way you can help avoid nasty surprises this winter, if the unthinkable does happen.’

For more information on Business Mentors New Zealand, visit www.businessmentors.org.nz

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