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What's asset insurance?
Asset Insurance
Asset insurance, also known as material damage insurance, is a vital form of protection that covers the repair or replacement of physical assets damaged due to a variety of risks such as fire, theft, or natural disasters.
Why get Asset Insurance?
Insurance is essentially about managing risk. While every business hopes to operate without facing setbacks, the reality is that unfortunate events can occur unexpectedly.
Protection from Unexpected Damages
Whether it's a natural disaster, fire, or malicious damage, businesses have assets that could be at risk. This insurance ensures you're not left footing the bill entirely on your own.
Continuity and Stability
With the right coverage, businesses can get back on their feet quickly after a setback. This means fewer disruptions for clients, employees, and stakeholders.
Peace of Mind
Knowing your assets are protected allows you to focus on what you do best – running your business.
What is covered under Asset Insurance?
Buildings and Structures: This includes the main property where your business operates, warehouses, and other structures.
Equipment and Machinery: From manufacturing equipment to office computers, the tools that keep your business running are covered.
Inventory: Goods, products, and stock that you sell or use in the provision of services.
Furniture and Fixtures: Desks, chairs, lighting, and other fixtures that make your business space functional.
Others: Some policies might also cover assets like signage, landscaping, or even documents.
How Does Asset Insurance Work?
Asset insurance operates through:
- Premium Payments: The business pays regular premiums to maintain coverage.
- Deductibles: In the event of a claim, the business is responsible for paying a deductible before insurance covers the rest.
- Claims Process: When damage occurs, the business files a claim, and the insurance company assesses the damage and provides compensation based on the policy terms.
Disadvantages/Advantages or Pros/Cons of Asset Insurance
- Financial Security: Asset insurance provides a financial safety net, helping businesses to recover after a loss.
- Customizable Coverage: Policies can be tailored to meet the specific needs of a business, ensuring adequate protection.
- Peace of Mind: Knowing that their assets are protected, business owners can focus on growing their business.
- Cost: Premiums can be expensive, particularly for businesses with significant assets or those located in high-risk areas.
- Complexity: Understanding policy terms and coverage limits can be challenging, requiring time and expertise.
Common Misunderstandings
Common misconceptions include:
- All Assets are Automatically Covered: Not all types of assets or damage are covered; it’s crucial to understand your policy’s specifics.
- The Lowest Premium is the Best Option: While cost is a factor, ensuring adequate coverage is paramount.
- Claims are Automatically Paid: Claims are subject to approval and must meet the terms of the policy.
How Can Gerrards Help With Asset Insurance?
At Gerrards, we specialize in business insurance, and our expertise lies in helping New Zealand businesses protect their assets.
- Expert Advice: We provide personalized advice on setting up the right policy to ensure your assets are adequately covered.
- Finding the Best Deal: Our knowledge of the insurance market enables us to help you find the best deal, ensuring you get the most value for your premium.
- Support During Claims: In the event of a claim, we advocate on your behalf, helping to ensure a smooth and fair claims process.
