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Business Contents Insurance

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Frequently asked questions about business contents insurance

Business contents insurance is among the most sought-after policies for businesses in New Zealand. Given its importance, we’ve collated the most frequently asked questions to make your decision easier.

Business Contents Insurance NZ Requirements and Coverages

Business contents insurance in NZ offers a range of coverages to suit various needs. Let’s break down four key areas:

What Exactly Does Business Contents Insurance Cover?

Business contents insurance typically covers the items within your business premises, such as office equipment, furniture, inventory, and tools against theft, damage, or loss. Whether it’s a natural disaster like an earthquake or a break-in, this insurance has got you covered.

Is Business Contents Insurance Mandatory for NZ Businesses

While business contents insurance is not legally mandatory, many business owners choose to get it. If you’re leasing your premises, your landlord might require you to have it.

Coverage Limits and Deductibles

Every policy will have a coverage limit, which is the maximum amount the insurance company will pay in case of a claim. It’s crucial to choose a limit that reflects the value of your contents. Deductibles are the amount you pay out-of-pocket before the insurance kicks in.

Additional Coverages

Some businesses might require additional coverages like electronic data protection or machinery breakdown coverage. 

How to Buy Business Insurance with Gerrards

The Buying Process

Once you reach out to us, we can get multiple quotes from top insurers in 24 hours or less. Our team will advise on coverage limits, ensuring the best fit for your business. Once settled, we’ll send over your insurance certificate.

Business Contents Insurance Certificate

This certificate serves as proof of your coverage. It details the terms, coverage limits, and other vital information.

Industries We Cover

We proudly offer coverage for any industry. View common industries we work with here

How Much Business Contents Do I Need?

This is a frequent query, and our team at Gerrards is always available to guide you through the evaluation process.

Business contents insurance claims

If you need to make a business contents claim, contact us directly. We’ll liaise with the insurance company, advocating on your behalf to ensure a smooth process.

Common Business Contents Claims

John, a jeweler, had a state-of-the-art workshop. One day, while working on a piece, he accidentally knocked over a container of acid, spilling it on several pieces of jewelry and tools. The resulting damage was significant. Thankfully, his business contents insurance covered the damage, allowing him to replace the tools and compensate for the ruined pieces.

Sarah owned a boutique store in a busy part of town. One morning, she arrived to find the front door shattered. Upon entering, she noticed several high-end items missing. Surveillance footage revealed that thieves had broken in during the night and made away with a significant amount of stock. Her business contents insurance stepped in, covering the cost of the stolen items and repairing the door.

Mike had a small office setup near the coast. One fateful day, a sudden and severe storm led to flooding in his area. Water entered his office, damaging furniture, electronics, and important documents. As devastating as the situation was, Mike felt relieved when his business contents insurance helped him recover by covering the cost of replacements and repairs.

Emma ran a small bakery. One evening, a faulty oven led to a fire that quickly engulfed the kitchen area. Although the fire brigade was quick to respond, the damage was extensive. The kitchen equipment, raw materials, and even some of the interior were destroyed. Emma’s business contents insurance was a lifesaver, covering the damages and allowing her to get her beloved bakery up and running again.

Business Contents Insurance Policy Changes

What Happens If I Need to Change My Insurance Later?

Life changes, so does business. You can always update your policy to reflect your current needs.

What Happens If I Cancel My Business Contents Policy?

Doing so leaves your business vulnerable. Without protection, any damage or loss comes directly out of your pocket.

Compare Business Contents Insurance with Other Policies

Business Contents Insurance vs. Equipment Insurance

Both policies protect tangible business assets. While business contents insurance covers items like equipment, furniture, and stock, equipment insurance zeroes in on machinery and equipment. If you’re heavy on machinery, check if your business contents policy already provides coverage.

Business Contents Insurance vs. Material Damage

These are quite similar. Material damage covers accidental loss or damage to company property, from buildings to stock. Business contents usually offer similar coverage, but material damage might extend to the business structure itself.

Business Contents vs. Business Interruption

Business contents insurance focuses on physical assets, while business interruption compensates for lost income from unexpected halts. For instance, if a fire damages your office, business contents covers repairs, while business interruption covers loss from downtime.

Business Contents vs. Public Liability

Public liability insurance covers third-party injuries or damages due to your operations, whereas business contents cover internal assets. If a customer is injured in your premises, public liability steps in, while business contents focus on internal damage repairs.

Do you have further questions about business contents insurance nz?

We hope this guide has shed light on the intricacies of business contents insurance in New Zealand. However, we understand that every business is unique, and you might still have questions specific to your situation. At Gerrards Insurance Brokers, we’re here to help. If you have any further queries about business contents insurance, or any other insurance need, please don’t hesitate to contact us. Our team of experienced professionals is always ready to provide personalised advice and solutions tailored to your business. 

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