Businesses Should Get Insured

April 10, 2018

 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.

 

 

 

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