BUSINESS INSURANCESBusinesses are recognizing the importance of having professional and independent help to analyse their risks, customize and then market their insurance programme to the insurance market, and achieve fair and prompt settlement when claims arise.
Our role as your insurance broker is to ensure that you receive the optimum benefits from your insurance programme. Advice is given on how best to protect commercial and personal assets and liabilities. We will work with various leading insurers to create a business insurance package tailored to your individual requirements.
Broadly your business insurances can be broken into the following categories:
BUSINESS ASSETS
Buildings Insurance - provides protection against the risk of damage to the structure and permanent fixtures and fittings of your buildings through accidental loss. Plant & Equipment / Stock Insurance - provides in general terms, protection from damage caused by accidental loss.Commercial Motor Vehicle Insurance - we can arrange motor insurance for one vehicle, a fleet of vehicles or even a car sales yard full of vehicles. We deal with several leading insurers who have specifically designed motor insurance covers to suit your particular requirements.
BUSINESS LIABILITIES
Broadform Liability (see Public Liability)
Carriers Liability - This policy provides cover for what a carrier is liable under the Carriages of Goods Act 1979.
Directors & Officer's / Trustrees Liability Insurance - This policy protects the insured's staff, directors, trustees against personal claims for "wrongful acts" in the execution of their roles in the company. Defence costs are also insured.
Employers Liability Insurance - covers the employer company's liability for injury to employees that falls outside the scope of ACC. Cover includes associated defence costs.
Employment Practices/Disputes Insurance - under the current Employment Relations Act and its predecessor, the Employment Contracts Act, employers are vulnerable to employees taking personal grievance and other legal actions against them. This is particularly the case in employment terminations and redundancies. Employer's liability insurance will cover the costs of legal action and any judgments for compensation to be paid by the employer.
Fidelity - This policy provides cover for the embezzlement of monies and misappropriation of goods by employees.
Professional Indemnity Insurance - provides essential financial protection for a wide range of professional advisers in the event a client suffers financial loss as a result of alleged neglect, error or omission. Professional Indemnity Insurance will meet the cost of defending claims and any damages payable. Any person who gives advice, designs, or offers services in a professional capacity, and is seen by clients as an expert, should have Professional Indemnity Insurance.
Public Liability (Broadform) Insurance - covers your legal liability for property damage and anyone in, or near, your business who suffers injury or death.
Statutory Liability Insurance - covers unintentional breaches of most statutory Acts of Parliament such as the
- Health and Safety in Employment Act
- Resource Management Act
- Consumer Guarantees Act
- Fair Trading Act
There have been many Acts of Parliament introduced, enacted and amended, all of them having major impact as to how New Zealanders manage this additional legal exposure. Through this insurance you can be covered for:
- Reparation costs
- Legal costs
- Legally insurable fines
BUSINESS COSTS
Business Interruption Insurance - If you ever have to face business NOT as usual through some unwanted disaster or situation this would not only dent your profits but you would lose the ability to cover ongoing expenses such as payroll, taxes, loan payments and utilities. Then the expenses associated with recovering those losses, or operating your business in another location, would have to be factored in. The 'bottom line' result would be expensive and stressful.
Business Interruption Insurance will help you keep your business running in the unfortunate event that your operations are suspended due to fires or other disasters. It will reimburse you for lost profits and the fixed expenses of your business in the event of any interruption that is covered.
Contract Works - Advance Profits - Loss of anticipated income/turnover from a venture, process, expansion or construction programme where loss or damage delays or prevents the commencement of the undertaking. Accounts receivable inability to recover debtors due to destruction/damage to records.
OTHER BUSINESS COVERS
Boiler and Machinery Insurances - This policy provides coverage for explosions, mechanical or electrical breakdwn of boiler, compressors, motors, electrical equipment, flywheels air tanks and furnaces. Computer Breakdown - Electronic breakdown, failure, derangement of equipment may include loss of data and reconstruction costs.Contract Works - Advance Profits - Loss of anticipated income/turnover from a venture, process, expansion or construction programme where loss or damage delays or prevents the commencement of the undertaking. Accounts receivable inability to recover debtors due to destruction/damage to records.Corporate Travel - Business and leisure travel worldwide for employees and family.Fidelity - The policy provides cover for the embezzlement of monies and misappropriation of goods by employees. Income Protection - This policy pays periodic payments if the insured becomes disabled as a result of illness or accident. Internet Protection - Provides indemnity against cyber-attacks to internet systems. Includes liability coverage, extortion covrage, asset and income protection coverage. Machinery Breakdown - Breakdown of machinery and costs involved to repair or replace.Machinery Business Interruption - This policy follows on from Breakdown Policy and covers the loss of profit element from the breakdown. Usually has a time limit excess. Machinery Profits - Reduction in turnover after a key piece of plant breaks down.Marine Cargo - Transit of property imports/exports and/or within New Zealand.
Contract Works - Loss or damage that occurs to building or plant in the course of construction. May include construction plant, equipment, temporary business or structures - transit risks. Non Appearance / Abandonment - Specialised cover for events/performances. Pluvious (Rainfall) - Inability to recover costs/income due to specified exceptional rainfall. Standing Timber - Cover on growing trees, including re-establishing and fire lighting costs. Stock Deterioration - This policy covers deterioration of stock caused by accidental breakdown of refrigeration machinery covered by the machinery breakdown policy and/or the failure of power to your premises. Terrorism - Stand alone property terrorism and sabotage insurance.
Marine Hull - This policy covers both private and/or commercial vessels. This policy is typically written on an All Risks basis. Trade Credit Insurance - A policy designed to cover guarantee of payment for goods sold or services rendered. Applies to that part of working capital which is represented by Accounts receivable.Wine Insurance - "Gold Medal Vintage Insurance"
Transit (Marine Cargo) - Transit of property imports/exports and/or within New Zealand Return to top
A unique policy created specifically for wineries acknowledging that wine is a unique product ... once lost it cannot be replaced! Standard insurance policies do not cater for the unique circumstances of the wine industry. This policy is a true alternative for wineries in the insurance of their stock and loss of income.
As part of our commitment to the wine industry Hurford Parker are proud sponsors of the Hawke's Bay A&P Wine Awards
NOTE: The above descriptions are a general guide only. A full description of what the policy covers is as per the agreed wording or the insurer's own wording. If you wish to have a copy of the wording please contact your broker and a copy will be sent to you.
On-farm Adverse Effects Recovery Framework
In June 2007, the Government announced the On-farm Adverse Events Recovery Framework, which outlines how they will respond to the rural community whenever there is a Large Scale Event*. The framework came about after a decision was made by the Government to offer fewer cash handouts after weather disasters in rural areas.* Large Scale Events: When rare climatic or natural disasters occur on a scale that will seriously impact on the regional and/or national economy, central government may provide additional support to local community and regional organisations.How does it impact YOU?
The key point is that you need to ensure that you have comprehensive protection for your farm. After a large-scale weather event, the Government will not provide any cash assistance for assets that are insurable. If you do not have insurance on insurable assets such as fences, culverts and hay you are unfortunately likely to be left out of pocket.
What is Hurford Parker doing?
We understand the importance of ensuring that the rural community understand this message - the last thing any of us want is for farmers to experience this without fully understanding the implications.
As your brokers it is our duty to make you aware of this potential shortfall in your cover. We ask that you carefully review your farm insurance programme, in particular the Material Damage/Farm Assets cover to ensure that you have listed all your farm assets and that the sums insured adequately reflect the replacement cost.
If you would like to discuss this further, please contact us.
