As a business owner in Papua New Guinea, your company and its assets are usually the result of years of hard work and strategy.
However, if thieves break into your premises, a lot of progress can be undone in a matter of minutes. This is particularly true if the robbers target the equipment you use to perform crucial daily tasks. Depending on the type of business, examples of vital equipment can range from laptops to screwdrivers, and everything in between.
In this article, we will show you how business insurance can protect you and your company against the threat of thieves.
Does business insurance cover stolen equipment?
Put simply, yes it does. One of the main reasons that so many businesses in PNG are investing in business insurance is because they know that, if their equipment is stolen, business insurance can help them cover the costs of replacements.
However, that is not all that business insurance will do. Often, if it takes time to source the necessary new equipment, this can interrupt your income. As a result, your insurer may also provide compensation for this loss.
It is important to talk to your insurer about the precise terms and conditions when you take out insurance. If, for example, your premises is robbed because you left the building unlocked, it is unlikely that you will be covered. You should also discuss the nature of the assets that you wish to insure – the policy provider will want to know their value and condition before agreeing to cover you.
Does business insurance cover digital assets?
Today, the definition of 'equipment' in a business context can be expanded to include digital assets. For a lot of companies, software and online tools such as the cloud are integral to their day-to-day operations. If such information was stolen in a cyber attack, the company could experience significant financial problems, and even lawsuits if sensitive data was lost.
To counter this, insurers often offer what is known as 'modern risk protection'. This can cover a range of different cyber threats, so speak to the insurance provider to ensure that what they are offering meets your specific requirements.
If you want expert advice on business insurance, or a closer look at the options available to you, talk to the team at Trans Pacific Assurance Limited (TPAL) today. We've been helping companies in PNG find the right cover for years, and would be happy to answer any questions you may have.