• Directors, officers, trustees and others could be fined for not arranging and maintaining adequate insurance cover;
• The levels of under-insurance in New Zealand in both the domestic and commercial sectors are alarmingly high;
• Being under insured is nearly as bad as being uninsured;
• Critical failures include not insuring your business and its assets for the correct replacement value and failing to anticipate how long it will take to get your business back up and running;
• Be realistic about potential recovery costs so that you don’t end up paying the cost of being under-insured;
• Allow for incidental costs such as architect’s or engineers fees. Also include an allowance for the cost of demolishing the remains of damaged buildings or plant and clearing the site of debris: the expense involved in clearing up can exceed demolition costs;
• There is anecdotal evidence of an increase in the incidence of fraud and theft. Liability is also a critical area to regularly review;
• Few businesses have internet liability cover – do you know what your employees are emailing?

Think ahead, not short term.

Thorners have vast experience in all insurance matters and provide advice New Zealand – contact us today to discuss your situation.