Navigating Business Insurance: Key Considerations for Your Business

Navigating Business Insurance: Key Considerations for Your Business

 

As the new year begins, it’s the perfect time for businesses to take a closer look at their insurance needs. Whether you’re a growing SME or an established company, having the right insurance coverage can make all the difference when it comes to safeguarding your day-to-day operations, critical assets like machinery and inventory, or your reputation in the face of liability claims. Here’s what to prioritise in 2025.

  1. Review Your Current Policies

Start the year by reviewing your existing insurance coverage. For example, many businesses overlook updating their policies to reflect new equipment or expanded operations, leaving critical assets underinsured. Ensure your coverage aligns with your current operations and future goals.

Key areas to assess:

    • Property Insurance: Are your premises, equipment, and inventory adequately covered?
    • Liability Insurance: Does your coverage reflect the size and nature of your operations?
    • Business Interruption Insurance: Are you protected against unforeseen disruptions?

 

Tip: Involve your insurance broker to identify any gaps or overlaps in your coverage.

 

  1. Address Emerging Risks

The business landscape evolves quickly, and so do the risks. For example, the rise in ransomware attacks and the increased frequency of extreme weather events highlight the growing relevance of cyber threats and climate-related challenges.

Consider adding:

    • Cyber Insurance: Protects against data breaches, ransomware, and other cyberattacks.
    • Environmental Liability Insurance: Useful for industries with potential exposure to environmental risks.

 

Tip: Stay informed about industry trends and ensure your insurance reflects these emerging needs.

 

  1. Evaluate Liability Coverage

Liability claims can be financially devastating if you’re not properly insured. Public liability, professional indemnity, and employer’s liability insurance are critical components for protecting your business.

Key considerations:

    • Have there been changes in your operations that require updated liability coverage?
    • Are there industry-specific liabilities you need to account for?
    • Do you have contract-specific liability or cover requirements for any of your customers or clients?

 

Tip: Regularly review your coverage limits to ensure they match the scale of your business.

 

  1. Plan for Growth and Expansion

If you’re planning to grow your business in 2025, ensure your insurance can keep up. Expanding operations, hiring new staff, or moving to larger premises may require updates to your policies. For instance, a local manufacturing client of ours expanded into a new facility last year, and by revising their property and liability cover, they avoided underinsurance and ensured seamless operations during the transition.

Checklist for growing businesses:

    • Do you need additional cover for new locations or employees?
    • Are you expanding into new markets or offering new services?

 

Tip: Share your growth plans with your broker to proactively address insurance needs.

 

  1. Work with a Trusted Broker

Navigating business insurance can be complex, but a trusted broker can simplify the process by providing in-depth risk assessments, recommending tailored policies, and proactively identifying cost-saving opportunities. Brokers provide personalised advice, help identify the right policies, and advocate on your behalf during claims.

 

Why choose Dawson Insurance?

  • Expertise in tailored business insurance solutions.
  • Commitment to understanding your unique needs.
  • Dedicated support to help you plan for a secure future.

 

Start the Year Right with Dawson Insurance

The beginning of the year is the perfect time to ensure your business is prepared for whatever 2025 may bring. Contact Dawson Insurance today to review your policies and ensure your coverage is up to date. Talk to one of our expert brokers to make 2025 a year of growth and security for your business.

Choose Dawson

(07) 348 0479

brokers@dawson.co.nz

Level One
Lakesyde Business Centre
1182 Whakaue Street
Rotorua

161 Commerce Street
Whakatane

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