One year into their partnership, insurance broker Crombie Lockwood and CMI Optical report a high conversion rate on quotes, saving practices a quarter of their previous premiums.
CMI Optical’s Brad Boult said the partnership was formed with the intention of offering New Zealand practices and optometry suppliers a lower-cost, tailored insurance policy. “We have had a positive reaction from the industry, with a quote acceptance rate of 85%. We have also been able to secure a minimum of 25% saving for practices, which has been very helpful within the current business climate.”
According to Police Minister Chris Hipkins, there have been 129 ram raids across New Zealand since May this year, including against optometry practices (see October’s NZ Optics, p8). “As a retail store selling designer sunglasses, you are, unfortunately, a potential target for future ram-raid attacks,” said Boult. While practices will already have insurance for assets, the issue highlights the importance of adequate business-interruption cover, which provides protection for lost revenue and fixed expenses, including staff wages, electricity and loan payments, he said. “With the added pressure within the construction industry, getting your store front repaired and your business operational again may take considerably longer than you anticipate, so it’s crucial you have effective cover in place.”
Given the very flexible and all-encompassing design of the cover, Boult said there have been no teething issues and very few tweaks to the policy. For practitioners interested in changing provider, Boult advised if Crombie Lockwood’s quote is a better deal than your existing cover, a Brokers of NZ arrangement allows you to switch before the current policy expires, with no financial penalty.
