If you own and are operating any sizeable business in NZ, you have to ascertain that your trade, properties and people are well covered by insurances of specific kinds.
NZ insurance is named as such because it leaves you at ease and at peace that the investment of blood and sweat, and perhaps your entire life, is guaranteed with adequate protection from crumbling down into pieces should any unfortunate events, whether it be of small or huge impact, occur.
Insurance is your assurance that your business carries on in its usual operations and thrives even despite the inevitable risks just lurking around or the actual realization of such risks.
Presented here are four of the most essential types of insurance which your substantial business needs to be covered with right now.
Commercial Workers’ Compensation Insurance
As a business owner, commercial workers’ compensation insurance protects you and your company from any legal liabilities should an employee of yours incurs injury or at the worst, dies as a result of something that is directly linked or related to working for your company.
In such occurrence, the workers’ compensation insurance will then provide for wage alternatives and medical assistance which in turn, disqualifies that particular employee’s rights or his kin’s rights to file legal complaints against you and your company.
The claim of an employee may even be as mundane and commonplace as incurring carpal tunnel syndrome due to everyday operations of a certain equipment utilized in your company or even the continuous use of computer mouse.
It is best to get coverage for instances like this. After all noncompliance to obtaining workers’ compensation insurance is sanctionable by the laws.
Commercial Property Insurance
Commercial property insurance, as the name suggests, covers for your business’ physical properties.
This is particularly applicable in the incident of natural calamities such as flooding and earthquake resulting in damages to your physical location and its implements. This type of insurance also applies on occasions of fire, theft, vandalism or any deliberate forms of man-made destruction or damages to your office or shop and the equipment and other material properties contained in them.
Commercial property insurance should guarantee the protection of your earnings if there may be any forms of business interruption or complete inability for business operations to continue due to the above mentioned circumstances.
Commercial Liability Insurance
This especially applies if your business deals with distribution of products which come along with risks in their usage.
A good example would be a skincare products manufacturing and distribution company. In the event that a buyer of your items claims to have sustained and suffered from allergies or at the worst, more health complications, due to the use of the goods which you are selling, and therefore he is adamant at suing you. Then there will be a commercial liability insurance for you to turn to and aid you in the costs of the legal counsel and the legal processes in order for you to face the charges or better, for arrangements which will not have to be brought to court.
Professional Liability Insurance
This is also called the error and omissions insurance.
If your company provides services instead of products distribution, then you are obliged to acquire professional liability insurance. This is to protect you and your business from any claims of negligence resulting in errors or failure in the performance or rendering of services offered.
This specific type of insurance should be applicable to businesses as wide and far-reaching as a law firm, a real estate development company and IT services providers to the less sizeable or medium-scale businesses such as a hair treatment salon.