Business insurance NZ, Auckland
Business Insurance in NZ includes
Material Damage Insurance policy
This is the most popular business insurance policy which provides cover for all types of business assets including stock, equipment and furniture. In the event of damage to any of the insured property the policy is going to provide your business with sum insured to compensate your losses. For instance your stock is damaged by an earthquake or burglary or even by fire, if you have Material Damage policy in place you are going to be protected by your insurer so that you can take care of your business.
For better knowledge of Material Damage Insurance please refer to the policy wording.
Business Interruption Insurance.
The policy insures gross profit – covers your business loss of business profit as a result of an accident. “Business Interruption Insurance” become very popular after Christchurch earthquakes once people understood the need for it and have started to appreciates the value of being able to sleep peacefully at night know that if something goes wrong the business will be able to pay all the bills including payroll and maintain profitability. It covers accounts receivables, additional cost of working, reinstatement of records, loss or rent receivables for landlords, redundancy payments. Please refer to Business Interruption Insurance policy wording.
Commercial Motor Insurance
It is important to remember that a commercial vehicle insurance premiums normally cost your business less to compare with a private insurance. The policy also provides cover for Employees vehicles & accessories:
- Employee’s vehicles as if they were an insured vehicle while being used on your business when such use invalidates the employee’s own vehicle insurance or where such vehicle is uninsured.
- Employee’s personal effects, motor vehicle accessories and spare parts normally carried on or used in
connection with any such vehicles.
Please refer to Commercial Motor insurance policy wording.
Light commercial / rural
Industrial / heavy commercial
Public Liability Insurance
also known as Broadform liability cover provides your business with compensation for all amounts you become legally liable to pay as direct compensation consequent upon:
- personal injury; or
- damage to property;
happening within the geographical limits during the period of insurance as a result of an occurrence in connection with the business. If you want to read more about Public Liability Insurance please click here. The difference between Public Liability cover and Broadform liability cover is Public liability cover is a standalone product where Broadform liability cover will provide your business with Employers Liability Cover and Statutory Liability Cover.
Employers Liability Cover
Is designed to provide you with all defence costs and all sums that you become legally liable to pay as damages arising from claims resulting from any employee sustaining persona injury in New Zealand arising out of or in the course of their employment in the business shown in the schedule.
Please refer to Employers Liability Cover policy wording.
Statutory Liability Cover
- You first become aware of the claim during the period of insurance; and
- The claim is notified to the insurer during the period of insurance or within 30 days after the end of the period of insurance; and
The occurrence took place on or after the retroactive date; and
- The fine and defence costs do not arise from an excluded Act.
Please refer to Statutory Liability Cover policy wording.
Machinery Breakdown Insurance
- working or at rest; or
- being dismantled, moved, reassembled, or reinstalled for the purpose of cleaning, inspection, adjustment, repair, overhaul or relocation; within the boundaries of the situation, and will only commence after completion of a successful initial commissioning of the machinery at the situation.
Please refer to Machinery Breakdown Insurance policy wording.
Employee Fraud Insurance
Is designed to protect your company and pay for loss of money or goods belonging to or held in trust by your business resulting from an act of dishonesty of any employee. The act of dishonesty must have been committed during any period of insurance after the commencement date applicable to the employee and during the continuation of this employee fraud section (irrespective of how many times the section has been renewed) and any replacement employee fraud insurance issued by the insurer to you, and discovered not later than twelve months after the termination of the insurance in respect of such employee.
Please refer to Employee fraud insurance policy wording.
Business Survival Cover
Provides an agreed monthly benefit if you the business owner, or a key person (which is insured) in your business, are unable to work.
Business insurance assists the most important part of running business effectively. It lies in your ability to manage any unplanned events to maintain business activity during a natural disaster, fire, third party damages. Business insurance is a powerful tool for protecting valuable tangible assets which can be at stake if you experience serious issues that prevent ‘business as usual’ due to variety of possible scenarios. Business risks are varied and require specialist planning to ensure that you have the best options at your disposal if an unforeseen event occurs.
Property Damage Insurance
Covers your business for accidental loss or damage to your insured business property.
Goods in Transit Insurance
Covers your business against accidental loss or damage to your assets or property while in transit in New Zealand.
Get Business insurance quote
Minimising business risk by business insurance is the cheapest way available for New Zealand business owners. Business insurance provides you the business owner with cover from different risks associated with your business activities which can cause damage to third parties.
The Insurance and Savings Ombudsman Scheme in New Zealand extends to “Small Businesses” which have no more than 5 staff and an annual turnover not exceeding $400,000. However, it only applies to certain types of cover. Call my office 095254675 to find out details.
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