With a law degree under her belt, an MBA almost completed, and 20 years in insurance, Maria Wilson knows a thing or two about business.

“The MBA in particular has given me a much deeper understanding,” says Wilson, an insurance broker at Crombie Lockwood’s Tauranga branch. “It has taught me what’s required to make businesses successful.”

It’s imperative, Wilson says, that CAs and their broker cover the right questions. Here are the top five questions Wilson gets asked.

Q: What changes in my business could affect cover?

It’s very important that each year you identify what your business activities are. Accountants get involved in all sorts of work. They might do taxation services and bookkeeping, then might expand into business development. But each activity is only covered if it’s on the schedule.

Q: Are contractors covered by our professional indemnity policy?

In most policies, a contractor is only considered a full agent of the insured if 90% or more of their work is done for the insured. If it’s less, the policy won’t cover them.

Q: What are the restrictions around material damage and loss?

On a standard asset policy for mobile electronic equipment, including phones and laptops, the excess for theft can be NZ$2500. So if your laptop is worth NZ$3000 and it’s been stolen from your car, you’re not going to get much value back. But it depends on the policy. We can secure a policy that has a flat, new-for-old excess of NZ$250 for all types of claims.

Q: How does working from home affect risk?

One of the key risks is cyber exposure. A lot of professionals think if their information is in the cloud, it’s safe. This is not necessarily true. Also, on top of the serious issues data breaches can cause for your clients, there have been a lot of regulatory changes in Australia and New Zealand around reporting of data breaches, which bring up issues around your company’s reputation and trust.

Q: Can I cover everything with one policy?

Absolutely not! Insurance should always be thought of as a suite. Each policy has its own specific purpose. There is no single policy that covers everything. If you don’t understand what policies you have, then you don’t fully know what your exposures are. But when people do take time to chat it through with their broker, they get clarity and advice on their specific exposures and the insurances they would need to cover them.

Picture: Maria Wilson, Crombie Lockwood.

“There is no single policy that covers everything.”

Find out more:

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Crombie Lockwood is the New Zealand General Insurance Partner of the CA ANZ Member Benefits Program. For information visit crombielockwood.co.nz/accountants or call 0800 435 568