What does Business Insurance cover?
Every business is different, with their own unique insurance needs and exposures to risk. From coverage for stock to shop front windows and everything in between, Business insurance offers a range of flexible options you can tailor to suit your business needs.
What it typically covers
- Material damage loss for your physical assets
- Financial loss due to Business Interruption
What is NOT covered?
- Negligence/breach of duty arising from an act, error or omission as a result of your professional services
- Claims arising from damage to third party property or personal injury
- Known claims and circumstances
What kind of businesses need business insurance?
The reality is, if you are running a small business, you are going to be exposed to a variety of different risks which could impact your business. Having the appropriate types of cover in place will not only provide peace of mind knowing that your business is protected, but it can help to provide a financial safeguard if a claim were to occur.
Here are some examples of when business insurance may help different types of businesses:
For businesses that hit the road and travel to visit clients and different location, Portable Equipment cover* is a form of cover to consider. Some typical types of businesses which may need Portable Equipment include:
- Tradies- tools of trade, those toolbox contents quickly add up!
- Mobile beauty businesses – protecting equipment like hair straighteners, dryers, and required professional hair and beauty products
- Personal trainers and yoga teachers- insures items like your sporting equipment if they stolen from a park where you are a running a session for example
For bricks and mortar types of businesses, coverages like Building, Contents and Business Interruption* can help your business when it may need it most. Some of the kinds of businesses which may require these coverages include:
- Restaurants
- Cafes
- Gift stores
- Salons
- Butchers
- Bakers
- Grocery stores
- Convivence stores
- Showrooms for tradie businesses
- Manufacturers
- Real estate agents
If you feel unsure of the types of business insurance your business may need, jump online or give our friendly team a call to discuss the different types of policy options available to help protect your small business today.
Building*
The bricks and mortar of your business premises are most likely one of your most valuable assets that you will want to insure.
Building insurance covers your building if it is damaged as a result of a fire, storm, malicious activity or another defined event listed in the policy.
This cover may also include protection for things like:
- fixed signs and lettering
- tanks
- poles
- power lines and their supports
- walls
- gates
- fences and landscaping
Optional cover for natural disasters, including earthquake**
Property (Contents)*
Protecting your business assets is an important form of cover to consider when insuring the things that keep your business running.
Property (Contents) insurance covers physical loss or damage to your insured contents as a result of an insured event (such as fire, storm, flood and other perils). Property/Contents can include fixtures and fittings, equipment, stock and furniture.
Property insurance automatically includes cover for:
- Glass: covers for the breakage of internal and external glass and signage you own or for which you are legally responsible, at the insured premises.
- Money: protects your business money from loss or damage whilst on your premises or in transit.
- Theft: covers you against loss and damage as a result of theft or attempted theft from your business premises. Damage to the building, locks and safes as a result of a covered event will also be covered.
- Transit: covers loss of or damage to your goods (or in some circumstances goods you are responsible for) while in transit in New Zealand in a vehicle owned or operated by you, caused by an insured event such as collision, fire or theft.
- Equipment breakdown: covers for sudden or accidental breakdown of mechanical, electrical or electronic plant and equipment.
- Seasonal stock increase: increases the sum insured by 20% during November, December and January for insured stock you have.
- Stolen keys: covers the cost to alter or replace any locks or keys because they were stolen or illegally duplicated.
- Optional cover for natural disasters, including earthquake**
14000+ NZ
small business covered