Running your own mobile business gives you a great sense of freedom, an ever changing office, being your own boss, what’s not to love? But like any small business, there is an element of risk for things to go wrong.
And because you’ve already got a 101 other things to be thinking about, stressing over business insurance to protect your mobile business doesn’t need to be one of them. We’ve created a simple guide of some of the things to think about when safeguarding your business, the types of insurance which may be appropriate and how you can get your business insurance sorted without the hassle.
One size doesn’t fit all
The type of insurances that your mobile business may require may be quite different from that of another type of mobile business. That’s the beauty of business insurance and being able to have the freedom to select the type of insurances which are going to suit the potential risks your unique business may be exposed to.
Some things to keep in mind when considering which business insurances to look at for your mobile business:
- Do you require coverage for the stock I have on me which is in transit?
- Are you taking tools of trade with you? Things like tradie tools, hair and beauty equipment, cameras etc.
- Will you be giving advice to others as part of your mobile business activities?
- What kind of risks will my business potentially be exposed to?
Understanding some of the different types of business insurances
This is a snapshot of some of the main types of business insurances which you may consider when taking out policies to protect your mobile business.
- Public Liability insurance*- covers you if a third-party claim that your negligent business activities caused them injury or property damage or personal injury (not covered by the ACC). This includes defence costs cover.
- Product Liability insurance*- protects your business against claims by third parties relating to property damage or personal injury (not covered by the Accident Compensation Commission (ACC)) caused by your products
- Cyber Liability insurance*- covers you for losses from claims arising from data breaches, business interruption and remediation costs following an actual or threatened data breach.
Other types of insurances which are usually included in a Biz Pack* include:
- Transit*- covers you for loss and damage to your property in transit by road in a vehicle owned or operated by you caused by collision, fire and other perils, malicious damage and theft.
- Portable Equipment cover*- covers you for loss and damage to your tools and equipment due to theft, fire and other perils listed in the wording, anywhere in New Zealand.
- Business Interruption*- covers loss of income due to an interruption to your business following an insurable event
Remember to always read the policy wording, as different policies can have different types of endorsements and details in the type of coverage they may provide.
For example some policies may have endorsement like an Overnight Theft Cover from Vehicles Endorsement. There is no cover under this policy for insured property left in a vehicle overnight as a result of Burglary, Theft, or Malicious Damage unless the vehicle is parked in a securely locked building.
Are you required to have insurance?
For some types of mobile businesses it may be a requirement to have certain types of insurances in place. Things like Public Liability insurance may be required if you work in certain public spaces like a market for example. If you are ever unsure, make sure to check and to also see if there is a minimum amount of cover that you are meant to have.
Being risk aware
While having business insurance policies in place brings peace of mind, having an awareness and being able to prevent some of the potential risks to your business before a claim occurs is a wise move. These are a few things to keep in mind:
- Try to ensure that you keep stock, tools of trade or anything that may be stolen out of sight from potential thieves.
- Try to maintain a safe working environment even when you are out and about. If you’re using things like lead cables, gym equipment or hair and beauty products be aware of how third-parties may be at risk if they accidentally injure themselves through your business activities
- Check that your business equipment is in a safe working condition and doesn’t risk causing injury or danger to yourself or others
Visit bizcover.co.nz and get cover like no other for your small mobile business without the stress so you can get on with your day. Get on the phone and give us a call, you can find us at 0800 249 268.
*This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. © 2023 BizCover Limited.