We’ll give you a hint, it’s not fish and chips! A Business Insurance* pack offers a variety of different insurance options for the unique needs of small business owners out there. To help you get a better understanding of the types of business insurance options that may be offered, we take you for a tour of the ins and outs of a Business Insurance pack.
What is Business Insurance?
Business Insurance is an insurance package designed to provide cover for your business contents, stock, tools and commercial premises when an insured event occurs (such as fire, storm, theft or even accidental damage). A Business Insurance policy can also cover your portable equipment, and loss of revenue due to business interruption in specified circumstances.
What type of insurances are available?
At BizCover the following types of business insurances are currently available through our Business Insurance Pack offering:
- Building insurance*
- Contents insurance*
- Portable Equipment insurance*
- Cyber Liability insurance*
- Business Interruption insurance*
Let’s have a closer look at what each of these types of insurances offer protection for and some of the types of businesses that may consider the different types of coverages.
Building insurance: Covers physical loss or damage to your insured buildings as a result of an insured event (such as fire, storm, flood and other perils).
This includes protection for things like fixed signs and lettering, tanks, poles, power lines and their supports, walls, gates, fences and landscaping. You also can get optional cover for natural disasters, including earthquake cover**.
Contents insurance: Sometimes referred to as Property cover is a Business Insurance policy that covers physical loss or damage to your insured contents as a result of insured perils.
Contents also includes, but is not limited to, cover for; Glass, Transit (of insured property within NZ), Money, Equipment Breakdown, Refrigerated Goods, Theft, Employee Effects, Seasonal Stock Increases
You can also get optional cover for natural disasters, including earthquake cover**
Portable Equipment: 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.
Cyber Liability insurance: Cyber liability insurance is a type of business insurance product which protects your business
against both the legal costs and expenses (including compensation payments) related to cybercrime
incidents. Your coverage may generally include cover for expenses and legal costs relating to the
following:
• Data breaches
• Theft or loss of client information
• Business interruption costs
• Forensic investigation
• Data recovery
• Extortion
• Fines and penalties
• Crisis management costs (to restore your businesses reputation after an attack or data breach)
• Legal costs from any ensuing civil action taken against you or your company
Business Interruption insurance: Business interruption insurance provides cover for the loss of income and increased costs of operating your business caused by a specified insured event (such as property damage or fire). It is also designed to assist your business to recover from an insured event by paying ongoing expenses (such as wages or rent).
What kind of businesses might require Business Insurance?
Let’s face it, no matter kind of business you might be in, there will be some element of risk that you may be exposed to. The beauty of Business Insurance is that you can select the types of coverages that are going to suit the unique needs of your small business and the types of risks it may be exposed to.
Here are a few examples:
- Tradies- your tools of trade help you to get the jobs at hand done, can you imagine trying to get stuff done without them? This is where Portable Equipment cover can provide a safeguard.
- Mobile businesses- Personal Trainers and mobile make-up artists are just a couple of examples of other types of businesses that also rely on tools of trade, and may benefit from the protection of Portable Equipment cover.
- Business owners that own their bricks and mortar might consider protecting one of their biggest assets with Building insurance
- Cyber Liability insurance is something that small business owners who interact online might like to consider. From accidental data breaches to being a victim of a cyber-attack, Cyber Liability insurance is there to provide an extra layer of protection from the nasties of the online world
We know how busy things get when you’re running your own business, so when it comes to getting your insurance for your business sorted get in touch with BizCover today. Leave the shopping around to us! We believe in making the process to get your cover sorted easy and simple, with no-dramas!
Visit bizcover.co.nz and get insurance for your small 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.
**Cover for natural disasters is subject to the location of your business and is not available to all postcode areas. Sub-limits and conditions apply. Refer to the policy wording.
