Renewing and opening insurance in the new year

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Renewing and opening insurance in the new year

Whether you are running your own business or are starting your family ins your new home, when it comes to the end of the financial year, which we are feast approaching, it’s always a good time to assess and in some cases make changes to one of the biggest financial decisions that protects your family and business financially – your insurance.

In the new financial year it can be a great time to assess your current plans and look at how your business or personal financial situation has changes over the course of a year and make necessary changes to adapt for the for-coming year.

For example if you are a business owner and your business has grown over the past year, you may find that a basic coverage may not save your business from unprecedented disaster. As a business owner, you face risks & challenges each day to keep operating your business. But when the unexpected happens, you want to ensure that your business keeps operating without any disruptions so you, and the people you employ, don’t suffer any loss of work.

There are different specific types of insurance that can help cover new parts of your business that you may not have considered. For example, if you have recently taken a business loan out to expand and grow in the new year, Debt Protection insurance could be a smart plan to look into, as it  guards your personal assets by providing your business with the funds needed to service loans should an unexpected event occur.

If you have invested in major new equipment that has become vital to your business operations you want to have that covered, Any damage or loss of these vital pieces of equipment can instantly hinder jobs and effect income, that’s where Plant & Equipment insurance comes in, to cover urgent costs to keep you on the job and earning money.

For new or growing families it’s important to look at what your insurance is doing for you, sometimes the basic coverage just isn’t enough. For example if you have just purchased a new home, or have acquired some debt for other reasons, it’s important to not just insure the assets, but also the way to pay off those assets. A simple plan such as Income protection insurance can be a life saver for any New Zealander recovering from an illness – taking time to fully recover physically or mentally is important and the burden of income shouldn’t hinder this. Income Protection gives you the ability to sustain yourself by receiving a monthly income benefit so that recovery can be your central focus and your debts or other ongoing payments can be covered.

So as you go to close off another financial year, have a closer look at the plans and coverage you have in place, to better protect your future.

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Ravi Mehta