Papua New Guinea offers plenty of opportunities for entrepreneurs, from small-business owners to experienced executives with visions of starting international companies. According to the most recent data from the National Statistical Office, three key industries in the country saw growth from 2017 to 2018, the most recent year for which information is available. They are:
- Administrative and support: 19.2% growth.
- Construction industry: 3.7% growth.
- Transport and storage: 5.7% growth.
With notable development in key industries, it's not surprising that existing companies are looking for opportunities to grow and new businesses are starting up.
How can these companies protect their assets and operations? How can they address the potential for natural disasters and a variety of other incidents to damage their equipment and leave staff unable to work? Business insurance, and specifically infrastructure protection, can go a long way toward providing security and a clear path forward when a major problem impacts your company.
What is business insurance?
"In simple terms, business insurance offers protection from risks."
In simple terms, business insurance offers protection from risks that can make it difficult or impossible for your company to work as it normally would. A business insurance policy is a way to protect the time, money and effort you have already invested in building up your enterprise. It helps you minimise a variety of financial risks, from a lawsuit filed by a customer or injured employee to an earthquake or cyclone.
By making regular payments on your policy and renewing it when the time comes, you can secure ongoing protection for your business that addresses the risks you have identified as the most serious ones your company might face. This is one of the most important parts of an effective business insurance plan. By customising your policy, you secure protection that is effective for your own unique needs.
What is infrastructure protection?
As we've already mentioned, business insurance can address a wide variety of issues faced by companies across Papua New Guinea. And, for many companies, one of the most critical issues is the continued and dependable operation of their equipment. Whether it's the equipment used in warehouses and factories or the heavy machinery so often relied upon in construction, these critical pieces of infrastructure fill a crucial role. They quickly and easily complete tasks that would require lots of work, time and coordination if they were done by employees.
These critical assets are exactly what infrastructure protection focuses on. When you include infrastructure protection in your business insurance policy, you make it easier to address issues that stop your equipment from working properly or at all. Theft, breakdown and similarly common concerns can all be made less disruptive through the payout offered by a business insurance policy including infrastructure protection. Instead of drawing deeply from your company's cash reserves or looking for a loan while your operations suffer or even grind to a halt, you have the advantage of knowing that a covered event will lead to funds delivered to you quickly.
The right partner for your business insurance needs
Business insurance can come from a variety of providers, but not all policies are exactly the same. At Trans Pacific Assurance, we understand that each company has different needs when it comes to protecting their assets and operations. By partnering with us, you can tailor your insurance plan to your cover your company's specific needs. You can also count on our experienced, knowledgeable staff for support as long as you have your policy. To learn more, get in touch with the team at Trans Pacific today.