Have You Reviewed Your Insurances?

Recent floods, storms and power outages in various parts of New Zealand have highlighted the necessity for business operators to continually review their insurance covers to ensure that they have adequate insurance cover for the various disasters that can confront an SME.  Can you afford to have a week (or more) of no business, just because of rain?  Some of the issues that you need to consider include:

•   Have you got a detailed Asset Register?  You can then check that all of your assets have been included on the Insurance Schedule

•   Are you covered for replacement cost?

•   Do you have Loss of Profit Insurance?

•   Do you have Sickness and Accident Insurance?

•   If you are in a partnership or a company, have you cross-insured your partner or co-shareholders?

•  Have you got Public Liability, Product Liability or Professional Indemnity Insurance?

•   If you are operating as a company, have you got Directors and Officers Liability Insurance?

Now is an ideal time to be conducting an annual review of your insurance covers.  

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