Insurance advice to help businesses plan for 2024

The New Year is a time when many businesses plan for the year ahead and reflect on what risks they need to prepare for. Insurance plays an important role in mitigating potential risks. This is a good time to consider whether your insurance cover is right for the shape of your business and the challenges it could face over the coming year.

Are you planning business changes in 2024?

49% of New Zealand small and medium sized enterprises (SMEs) reported making business changes in 2023 with the most common being upgrading equipment and offering different products or services, according to Vero New Zealand. *

Such business changes may have implications for your insurance and business risks. Some important elements to consider include:

• Has inflation impacted the value of your inventory?
• Have you changed your premises or warehouse locations?
• Do you need to upgrade your equipment, machinery or commercial vehicles?
• Are you planning to expand the range of products or services you offer?

All of the above and any other significant changes may affect your potential business risks and therefore, your insurance cover may need to change to reflect these evolving risks.

The best time to act is now.

Insurance brokers play a vital role in guiding businesses towards insurance solutions that strike a balance between comprehensive coverage and affordability.

Rothbury brokers have the local knowledge and insurance expertise to provide quality advice and to tailor an insurance policy to give your business the best chance to thrive. From the initial risk assessment to recommending the best insurance options and claims management, our brokers will manage your insurance needs so you can focus on what you do best. 

If you want a second opinion about your insurance or have any concerns about your current insurance, contact Rothbury Insurance Brokers.    

*2023 Vero New Zealand SME Insurance Index: Vero SME Insurance Index 2023 | Vero