It’s a great day for the IANZ family - we’re thrilled that IANZ broker Sherpa Insurance Brokers and Advocates in Canterbury won the Brokerage of the Year, 1-10 Staff category at the inaugural Insurance Business Awards New Zealand, and @RIVAL Wealth from the mighty Wairarapa was named Best Customer Service from an Individual Office. Well done you guys – it’s thoroughly deserved, and we’re stoked for you!
To cap it all off, IANZ was named Broking Network of the Year. We’re only as good as the terrific people who make up the network, so well done team – this one’s for you!
Business Interruption Insurance
What is it?
From your family and employees to customers and suppliers, there are a lot of people who depend on your business opening its doors each day. Business interruption insurance is designed to protect you – and them – from losses caused by an insured event or incident that forces you to close your premises for an extended period of time. It effectively returns your business to the same financial position it was in before the event occurred, allowing the quickest possible resumption of normal business.
What it covers?
It’s important to remember that not all Business Interruption policy wordings are the same. Given inadequate cover could be crippling to you and your business, it’s vital to get it right. In particular, there are a variety of wordings and basis of settlements ranging from Gross Profit, Gross Revenue and Instant Profits.
When deciding the best basis of cover for your business, things to consider include:
- Indemnity Period – How long do you need the cover for? How long will it take your business to get back to pre-loss trading figures?
- Claims Preparation Fees – How much is going to be sufficient for your business to help you with a claims process?
- Payroll – Do you insure it, how much of it, and for what period of time?
- What happens in the event of a claim if your business is subject to seasonal fluctuations or economic cycles?
- Are you covered when your business is in growth mode?
- What happens if one of your customers or suppliers suffers damage from a significant peril and your business suffers as a result? Would you be covered?
- Uninsured Working Expenses – Are you paying for unnecessary cover that relates to expenses that would not exist in the event of a claim?
When your business is faced with a catastrophe the last thing you need to be worrying about is your insurance. Contact one of our Brokers to assist with your Business Interruption Insurance requirements today.
What is it?
Technology has never been so deeply entwined in our businesses. While it delivers significant efficiencies and convenience, it also comes with significant cyber risks. Many business owners don’t fully understand how their business could be attacked. While others think they don’t have a cyber exposure at all, due to their industry or size. The reality is anybody who collects data or uses a computer with the internet is at risk. Something as simple as an employee clicking on the wrong link, sending an email to the wrong person or using a corrupted website could leave your entire system exposed. Cyber Insurance is one of your best forms of defence.
What it covers?
There are many types of Cyber Insurance now available. Some of the key inclusions to look for are listed below.
First Party Loss
- Incident response costs
- Business income loss
- Data restoration
- Breach response costs
- Notification costs
- Legal defence costs
- Cyber extortion
- Regulatory fines and penalties
- Payment Card Industry (PCI) fines, penalties and assessments
- Cyber reputational harm
Third Party Loss
- Security and Privacy Liability
What can you do right now?
To fully protect yourself and your business, the first steps are to focus on risk management and awareness within your organisation. Simple things such as developing a strong password policy, conducting regular training about cybersecurity, updating IT equipment and security software and creating an incident response plan are essential. The other critical step is to take out an appropriate level of cyber risk insurance. Speak to your local Insurance Advisernet Broker today about tailoring a Cyber Insurance solution for your business.