Commercial Insurance NZ

Commercial insurance like commercial loans is an important investment for NZ motels and hotels, for security against unpredictable and unfortunate circumstances. Disasters and hazards like fire, landslips, tornado's, and severe building damage can create havoc for the entire property, management, staff, profitability, and their potential clients, for business sustainability or survival. Securing insurance will prevent overall severe risk to a hospitality business, the owner, investors, shareholders, and staff. Therefore it is important to insure against potential risks, and to seek and understand your insurance policies. This can also include measures and systems to prevent or reduce theft, such as securing confidential documents, computer system security (e.g. using firewalls, anti-virus software, secure laptop storage), security cameras and safes. The Insurance Council of New Zealand has advice, including for liability, disputes, indemnity insurance, emergencies, NZ legislation (law reform acts), and other aspects. Image of Signing a Contract by shho.


Insurance Policy factors to Consider

* specific contract - e.g. property, building, personal, staff inclusion, or insurance "packages"
* Your Hotel/Business structure - Whether if a joint venture, partnership, privately owned, or global hotel chain
* repayment strategies - fixed or incremental interest rates, revolving credit, weekly/monthly repayment, restructuring (e.g. if expanding or upgrading a motel)
terms and conditions, renewal
* Motel location - proximity to known risk (or potentially) areas, e.g. rivers, mountains, etc
* Liability and compliance policies - relevancy, extent, and including the insurer's, your employees (e.g. lost time for sickness, injury, or bereavement leave), public liability (important - perhaps for security related issues), product liability (safety, health, food, liquor, and hazard related), Directors and Management liability, any past debt repayment history or claims
* Professional Indemnity - e.g the extent and conditions provided to you the motel owner from a insurance adviser. Hence if claims are initiated, then may need to understand any potential issues, related to the indemnity terms and conditions.

So there are important concepts to collate, comprehend, and implement, and best performed by an experienced or professional and registered commercial insurance adviser. Perhaps visit relevant online insurance related sites, particularly about regulation, and general policy advice. NZ sites include ICNZ, related law commission and regulation Government sites, hospitality, industry, related network and professional online sites, e.g. MANZ (NZ Motel Association), NZHC (New Zealand Hotel Council), HANZ (Hospitality Association of New Zealand).

You may want to compile a quick list of questions to consider for insurance protection and possible resolutions such as -

* What is the current overall property value? Could it change significantly and affect premiums?
* What is the outcome if the business cannot fully operate or if only in part?
* What about transport insurance scenarios for transporting customers?
* What's the best route to pursue for any complaints?
* Do key staff require specific insurance from other staff?
* Are their new or changed risk related areas? Could they be improved and how can that affect insurance repayments?
* Should I have a range of schedules to review factors that could alter insurance premiums?
* Will the insurance company inform of any changes in policy, general regulation, or other wise in a timely manner?

However their are NZ commercial Insurance banks, agencies, brokers, and corporations to choose from that should offer protection. But it's a matter of selecting cost, suitability, and flexibility, for a professional insurance package that can be easily managed, without undue stress should any significant unforeseen event should occur. Below are a directory style list of insurance companies to consider for that all important risk preventative protection measure to implement.


Commercial Insurance NZ Suppliers

State Insurance (http://www.state.co.nz/)
Long established NZ insurance provider for health, property, home, and car assets, and also business insurance. This includes assets (including portable), theft, damage, consultant fees for damage assessment, replacement and more. Also cover for interruption (e.g. cover loss of income), liability (includes employee, statuary liability, and broadform - e.g. accidental damage to property/people), business vehicles (NZ wide, and includes "your" legal liability), electronic data (e.g. pc hardware), contract works (e.g. property damage). Thus a comprehensive range of business protection which can be viewed in more detail at their website.

Westpac NZ (http://www.westpac.co.nz/)
Established bank in NZ that also provides commercial insurance that are underwritten by NZI/IAG NZ established finance institutions. Westpac can help cover damage, repairs, replacement and destruction of premises from theft, fire, storms, and other events depending on your policy. Relevant point mentioned about how premium value being based on actual building and related costs, for example the future investment value of any commercial development. Can easily contact your local branch manager online for further details.

ANZ bank (http://www.anz.co.nz/)
Suppliers of Business insurance for small to medium premises, office, trade, and vehicle insurance. This includes the ANZ business package (e.g. theft, crime, broadform liability, glass, business interruption, etc) , office, trade, and vehicle packages (24 hour claim, select payment premiums, simple policy), which are best viewed at their website.

AMP Insurance (http://www.amp.co.nz/)
Range of insurance cover option for selection, and their website has plenty of information. This includes sections on kiwi saver, investments, savings, advice travel insurance, calculators, market updates, brochure and forms, and more. Custom made business packages, e.g. liability, property damage, stock, vehicles, income, burglary, fraud, and more. Easily contact a insurance plan through their website.

PIC (http://www.pic.co.nz/)
Professional, experienced, and long serving staff of NZ insurance brokers, and can provide comprehensive policies. In additional to travel, medical, marine, life, domestic, construction, rural, that also provide commercial insurance. This includes damage, business interruption, damage, burglary, power, gas, water, sewerage interruption, general, electronic, refrigerated, and more. Also legal liabilities based on business (e.g. defence costs for legislation breaches, certain employee compensation, damage related issues), professional, IT, and Directors liability provision. Hence a great range of brokering services, which seems to cover a range of business activities.

Commercial Insurance NZ