Essential Insurance Cover for Commercial Building Owners: Insights from New Zealand Insurance Broker Wayne Cooney
For commercial building owners, navigating the complexities of insurance coverage is critical to safeguarding their assets and mitigating risks. Wayne Cooney, with his vast experience in the field, highlights several key areas of cover that property owners must consider to ensure comprehensive protection.
Property Cover: The Foundation of Your Security
At the heart of commercial insurance is property cover. It’s essential to have your building, including the equipment and assets within it, whether owned by you or your tenants, adequately insured. The real value of stock, furniture, and equipment can accumulate significantly, highlighting the necessity of a proper valuation. Cooney stresses the importance of conducting regular valuations to ensure that your cover is in line with the current value of your assets, thus avoiding the pitfalls of being underinsured.
Moreover, routine checks for fire hazards and the maintenance of electronic equipment are imperative. Given that fire is a common cause of loss, eliminating such risks is not only crucial for the safety of the building but also for the well-being of tenants, staff, and the public.
Broadening Your Safety Net with General and Statutory Liability
Beyond the building itself, general liability (GL) and statutory liability (SL) coverages are indispensable. These covers ensure you’re protected against claims of harm to persons or property within your premises. Adequate signage to warn of potential hazards, regular reviews of your GL coverage level, and understanding your obligations under various statutes, including the Health & Safety Act, RMA Act, and Privacy Act, are essential measures to mitigate potential liabilities.
Expanding Coverage to Meet All Risks
Cooney also advises on the importance of exploring insurance options such as Directors & Officers Liability, Business Interruption, Crime, Cyber, and Commercial Vehicle cover. These covers address a wider range of risks and scenarios that commercial building owners might face, providing a safety net that supports business continuity and protection against a spectrum of potential threats.
In summary, Wayne Cooney’s expertise sheds light on the critical areas of insurance coverage for commercial building owners. By taking a comprehensive approach to insurance, including regular assessments and broadening coverage, owners can safeguard their investments and navigate the complexities of property management with confidence.
Is your insurance due for renewal? Give Wayne Cooney your go-to insurance broker a call for a free quote or review today!
Contact Wayne Cooney
021 347 640
www.waynecooneyinsurancebroker.co.nz
facebook.com/waynecooneyinsurancebroker
Contact Phillip Quay
027 458 7724
