The Kapiti Coast Chamber of Commerce urges small businesses to get insurance, following research that one in four small businesses are uninsured
That’s the finding of a new survey by Vero Insurance, which also found many small businesses have no recovery plan - almost half blamed the cost of insurance for not having cover, and 33 percent could not see the benefits.
The research found that insurance was viewed as a grudge purchase, even though the risk of being uninsured, could be crippling for a small business.
A 2015 Deloitte study found that 75% of claims paid by Vero after the Canterbury earthquakes, were commercial pay outs.
Kapiti Coast Chamber of Commerce Chair Heather Hutchings recommends businesses have insurance, “because things outside of our control – like earthquakes – happen.”
She says insurance should be one of the first things business owners implement, and that they should consider the worst-case scenario.
She also recommended that local businesses not operate in isolation, and consider joining a professional network like the Chamber, to help guide them through best business practice.