What is Business Interruption Insurance in NZ? How Can It Benefit You?
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Transcript of What is Business Interruption Insurance in NZ? How Can It Benefit You?
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WHAT IS BUSINESS
INTERRUPTION INSURANCE IN
NZ? HOW CAN IT BENEFIT
YOU?
I N S U R E O N L I N E
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Theoretically, the concept of business
interruption insurance is simple. It covers your
loss of gross profit, in other words, the drop in
annual turnover and the inflated cost of
working, throughout the period of business
interruption.
This is different from material damage
insurance as that covers all physical damages
to your business property, plant or stock.
Business interruption insurance, on the other
hand, offers a cover for the decline in business
revenue owing to some damage to the business
property caused by an insured event such as
fire, volcanic eruption, earthquake, etc. or
increase in costs due to relocation
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business interruption insurance in NZ is not offered as a separate cover but is
auxiliary to material damage insurance. You can only raise a claim if the
cause of the loss is well covered under the material damage insurance
policy.
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S I G N I F I C A N T B E N E F I T S Y O U G E T
W I T H B U S I N E S S I N T E R R U P T I O N
I N S U R A N C E
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Shutting of all transport courses, ports or airports
If your business is interrupted by any of the
insured damages resulting in closure, or a
closure occurs because of fear of any insured
damage at any transportation course, port or
airport in New Zealand, you can claim full cover.
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Supplier / Customer Properties
Prevention of Access Cover
Private and public utilities cover
You can claim a cover if your business is
interrupted because of any insured damage to
any property in New Zealand that provides
goods to you.
You can claim a cover in case access is
prevented or delayed to your property due to an
insured damage taking place within 1kilometer
radius of your property.
You can claim a cover for any loss occurred from
insured damage to private or public electric,
water or gas utilities( except offshore pipelines).
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Therefore, it is extremely important to get your business covered under
business interruption insurance in NZ. You can easily browse online to find a
list of reputed insurance brokers in Auckland. You can validate the authenticity
of the broker by making sure that he is licensed in the state. It is significant to
clearly know what your policy does and does not cover. You can also ask your
insurance agent for a comprehensive explanation in meek language. Ask
straightforward questions in case of any doubts.
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