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Business Contents Insurance

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How much does business contents insurance cost?

The cost of business contents insurance in New Zealand typically averages between 0.3% to 1% of the value of the business insured per year. This cost can vary widely depending on the type of business, type of contents, location and sum insured. 

What is the average cost of business contents insurance? 

In New Zealand, you can generally expect to pay between 0.3% to 1% of the value of business contents insured per year. That means to insure $100,000 of business contents, it would cost approximately $60 a month.

While this is a relatively accurate average, it’s important to remember that specific industries where business contents is at higher risk such as woodworkers or dairy’s, the premiums will be higher.

Understanding business contents insurance cost factors

What influences the cost of business contents insurance? Several variables can impact the premium you’re quoted, lets look at the crucial factors.

Type and Value of Business Contents

Every business possesses different types of assets, ranging from office equipment, machinery, to inventory. The total value of these assets forms a significant chunk of the premium calculation. Insurance companies evaluate the risk associated with replacing or repairing these assets in case of any mishap. Naturally, higher value assets result in a steeper premium.

    Location of the Business

    The location plays a pivotal role in determining insurance costs. A business situated in a high-risk area, prone to natural calamities like earthquakes or floods, may attract a higher premium. On the other hand, companies in low-risk zones may enjoy relatively reduced rates. Moreover, businesses located in areas with higher crime rates may also experience higher insurance costs.

    Security and Safety Measures

    Insurers appreciate businesses that take preventive measures to safeguard their assets. The presence of security systems, surveillance cameras, fire alarms, and safety protocols can significantly reduce the potential risk. Companies with robust safety and security measures often benefit from lower business contents insurance premiums.

    Business Contents Insurance Provides Cost-Effective Protection for Your Business

    Business contents insurance is designed to protect the tangible assets within your business premises. This includes, but isn’t limited to, furniture, machinery, electronic devices, inventory, and more. It’s a safety net ensuring that if any unexpected event damages or destroys your business assets, you’re covered financially.

    How It Helps Businesses:

    Protection Against Financial Setbacks: Unexpected incidents, like theft or a natural disaster, can cripple a business. With business contents insurance, you receive the required financial assistance to replace or repair the lost or damaged assets. It ensures that the monetary burden does not hamper the business operations.

    Enhanced Business Continuity: After an unfortunate event, the primary concern for a business owner is to get the operations running again. Business contents insurance expedites this process by providing the funds needed to replace the necessary assets, ensuring minimal downtime.

    Peace of Mind: Knowing that the business assets are insured offers an immense relief to business owners. It allows them to focus on their business operations, growth strategies, and customer relationships without the constant worry of potential financial setbacks.

    It’s crucial to have business contents coverage if you

    • You have high-value assets
    • Located in a high-risk zone
    • Have had past theft incidents
    • Own fragile or specialized equipment

    How can you save money on business contents insurance?

    Even though business contents insurance is an essential part of running a business, it’s still possible to save money on it. Here are four effective ways to reduce the cost:

    Use a Broker

    Brokers like Gerrards have access to many insurance providers and markets that businesses do not have access to. This wide network allows us to compare many different offers and choose the one that gives you the best business contents coverage for the least amount of money. Think of us as your secret weapon for getting the best business contents insurance deals.

    Bundle Your Policies

    Insurance providers often offer discounts if you purchase multiple policies from them. This method, known as bundling, could allow you to combine your business contents insurance with other types of business insurance, such as liability or vehicle insurance, and save money.

    Increase Your Excess

    The excess is the amount you agree to pay out-of-pocket before your insurance kicks in. By agreeing to a higher deductible, you can reduce your premium. However, it’s crucial to ensure you can afford the business contents insurance excess if you need to make a claim.

    Maintain a Clean Claims Record

    Taking diligent care of your business contents and reducing the likelihood of claims can potentially lower your premiums. Ensure your business contents are secured properly and that regular maintenance checks are conducted to prevent unnecessary damage.

    Top industries that need business contents insurance

    In New Zealand, business contents insurance can provide comprehensive and cost effective protection for many industries

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