small business insurance nz

You are using an outdated browser. Please upgrade your browser to improve your experience.

Business Insurance Our friendly business experts can help lighten your load.

Choose what cover you’re interested in.

AMI has been protecting Kiwis for over 90 years. We're one of New Zealand's most trusted insurers, receiving the Reader's Digest Highly Commended Trusted Brand award since 2013.

Our most popular products

Tradies Bundle

From just $19 a week*, get Public Liability and Tools cover in one package. Customisable to your specific business needs.

Shop Insurance Bundle

Cover from just $32.50 a week^ for your shop, your stock and more with this all-in-one package.

Hospo Insurance Bundle

Get covered from $50 per week.+ Includes Liability, Material Damage and Business Interruption Insurance in one package.

Public Liability Cover

(broadform liability).

Covers you for legal liability for accidental injury to a person and damage to someone else's property while you're doing business.

*This weekly price includes GST and is based on the most common occupations. Bundle payments can be made monthly or annually. Pricing is conditional on previous legal and claims history, occupational and location risks are considered, and regional differences may apply. Pricing does not include other government levies. Policy exclusions, conditions, and limitations apply. Add on Theft Cover or Natural Disaster Cover, or other Business Insurance options as required. ^AMI Shop Insurance Bundle starts from $98 per month including GST for small retail trade businesses. Package payment can be made monthly or annually. Pricing is conditional on previous legal and claims history, occupational and location risks are considered, and regional differences may apply. Pricing does not include other government levies. Policy, exclusions, conditions and limitations apply. Add on Theft Cover, Natural Disaster Cover, Business Interruption Cover or other Business Insurance options as required. +AMI Hospo Insurance Bundle starts from $35 per week including GST for small hospitality businesses. Package payment can be made monthly or annually. Pricing is conditional on previous legal and claims history, occupational and location risks are considered, and regional differences may apply. Pricing does not include other government taxes and levies. Policy exclusions, conditions and limitations apply. To add on Theft Cover and Natural Disaster Cover under your Business Assets policy or to add on any other Business Insurance options, please contact our team at 0800 100 200.

What are you after?

I want to get cover for my business

Use our online assessment tool to see what types of cover businesses like yours have and to get a quote.

I want to research my options

Small businesses come in all shapes and sizes, and so does our cover. Find out more about the types of cover we offer for your industry.

• Professionals
• Home businesses
• Small retailers
• Hospitality

Our claims promise to you We understand how stressful it can be when you need to make a claim. That’s why we have a dedicated team on hand to help you through the process.

Why choose ami business.

91 years of customer care

Tailored insurance options

Buy direct- no middle man

Value for money

Go to homepage business.govt.nz business.govt.nz

Business.govt.nz, in association with.

Whether you’re a sole trader, contractor or run a company, you need to guard against work and business risks. Insurance can compensate you or your business for losses, but you must get the right type — no policy covers everything.

Insuring business activities

Disruptions to your business can be stressful and come with big costs. Insurance is a product you can buy to protect you and your business against specific risks. You pay premiums to an insurance company — often monthly or once a year — and the insurance company promises to help if something goes wrong, eg by paying for repairs, replacements or covering costs. The risks you face and the policies available to cover these risks vary from business to business, and by industry.

Watch: Be prepared, get insured

Video transcript: Be prepared, get insured

[Audio/Visual: Upbeat music starts playing with blue introduction screen with white business.govt.nz logo. The words “Be prepared, get insured” appear on screen for a few seconds. The screen cuts to a profile shot of the male presenter against a blue background. He is wearing an ivory blazer over a beige dress shirt.]

Unexpected disruptions and disasters can be stressful and expensive for your business. Thankfully, insurance can help protect you against specific risks. But how does it work?

You pay premiums to an insurance company — often monthly or once a year — and the insurance company promises to help if something goes wrong, like paying for repairs, replacements, or covering costs.

[Visual: the screen cuts to a shot of two builders on a construction site. They are wearing tool belts and measuring a building foundation. The screen then cuts to a shot of a man in high-vis sitting at a desk scrolling on his phone. There is a paper form on the desk and a pen next to it.]

The risks you face and the policies available to cover these risks vary from business to business, and by industry.

[Visual: the screen cuts to a shot of a women standing at the front desk of a hair salon, working on a tablet. After a few seconds, the screen cuts to a shot of a chef plating food in a commercial kitchen.]

[Visual: the screen cuts to a shot of the presenter on the left hand side against a blue background. A title appears in the top right of the screen in white, bold text “Common risks include”. A subtitle appears underneath the title “Natural disasters”. Below this, bullet points appear as the presenter lists them:

• Earthquakes]

Common risks include:

Natural disasters, like floods, fire, and earthquakes.

[Visual: the subtitle changes to “Theft of things”. Bullet points appear below this as the presenter lists them:

• Stock damage
• Loss in transit

Theft of things like equipment, stock damage, loss in transit, IT crime or hacking.

[Visual: the subtitle changes to “Injury or Property damage”. Bullet points appear below this as the presenter lists them:

• Products or services
• Product recall
• Employment dispute
• Health and safety breach.

After a few seconds, the title, subtitle and bullet points disappear from the screen.]

Injury or property damage caused by your products or services, product recall, employment dispute, or a health and safety breach.

No single policy can cover all your business risks so it’s likely you’ll need more than one.

So, let’s talk about the most common policies.

[Visual: the screen cuts to a shot of a man wearing protective goggles and cutting wood with a circular saw. After a few seconds, the screen changes to a shot of a woman working at a desk with a laptop and professional camera. The screen then cuts to a shot of a man in a workshop looking at a laptop. There are tools hanging on the wall behind the laptop. After a few seconds, the screen cuts to a shot of a woman looking at a tablet. She is standing at the open back door of a work van full of piping and hoses.]

Asset insurance can cover theft and damage items you own and use for work, like computers, furniture, tools, specialist equipment, vehicles and stock. There are two main types.

[Visual: the screen cuts to a shot of the presenter standing on the left hand side against a blue background. A title appears on the top right of the screen in white, bold text “Asset insurance”. Below the title, a bullet point appears:

Indemnity is the most common policy type, which takes wear and tear into account when paying your claim.

[Visual: a second bullet point appears below the first:

• Replacement]

The other is replacement, which pays the full costs of replacing an item.

[Visual: the screen cuts to an overhead shot of office buildings and garages in a commercial area.]

Commercial property insurance is typically taken out by the owner of the property.

[Visual: the screen cuts to a shot of the presenter on the left hand side of the screen. A title appears on the top right in white, bold text “Commercial property”. A subtitle appears underneath the title “Material damage policy”. Below this bullet points appear as the presenter lists them:

• Natural disasters

All text disappears after a few seconds.]

It’s usually in the form of a material Damage policy, covers you, and any lender that you have borrowed funds from for your business, from natural disasters, and other events such as fire and burglary that cause loss or damage to stock, plant, business contents and buildings. You don’t usually take out this insurance if you lease your business premises.

[Visual: the screen cuts to a shot of a large building site with scaffolding, building wrap and a crane.]

A business interruption policy covers you when your business is interrupted by natural disasters, fire and burglary-

[Visual: the screen cuts to a profile shot of the presenter on the left hand side of the screen. A title appears on the top right in white, bold text “Business interruption”. Below this, bullet points appear as the presenter lists them:

• Commercial property material damage policy
• Interruption losses

The bullet points disappear after a few seconds.]

(events that are covered in a commercial property material damage policy), and you suffer losses because of the interruption.

[Visual: new bullet points appear below the “Business interruption” title as the presenter lists them:

It covers you for an agreed period so that you can still pay wages, rent and utilities and have some funds left over for profit. You can take out this type of policy if you lease your business premises.

[Visual: the screen cuts to a shot of a man working on a tablet in a diving shop. There are wetsuits, buoyancy devices and oxygen tanks in the background.]

Liability insurance is useful if you do work for other organisations.

[Visual: the screen cuts to a profile shot of the presenter on the left hand side of the screen against a blue background. A title appears on the top right in white, bold text “Liability”. Bullet points appear below this as the presenter lists them:

• Legal expenses
• You or your employees]

It covers the costs if an organisation sues you or one of your employees.

[Visual: the bullet point list is replaced with a new point:

• General liability cover]

There are several types of liability insurance, but we recommend that all businesses and self-employed people have the most basic - general liability cover.

[Visual: the screen cuts to a shot of a man working at a desk with three monitors. The screens show a map, data visualisation and an email inbox. After a few seconds, the screen cuts to a shot of the presenter on the left hand side of the screen against a blue background. A title appears in the top right in white, bold text “Cyber security”. Bullet points appear below this as the presenter lists them:

• Data breaches
• Website hacking

Cyber security insurance is a broad area covering data breaches, website hacking and IT scams. Make sure the policy you choose covers your areas of risk.

There are many other types of insurance that may apply to you, depending on what industry you’re in. Including:

[Visual: a title appears in the top right in white, bold text “Other types of insurance”. Bullet points appear below this as the presenter lists them:

• Marine insurance
• Travel insurance
• Transit insurance
• Trade credit]

Marine insurance, travel insurance, Transit insurance, product recall, and Trade credit. We’ve included more details about these in the learning summary.

[Visual: the screen cuts to a shot of a man and woman sitting at a dining table looking at a laptop. There are paper forms and a phone on the table.]

Even if you’re just starting out, it’s a good idea to start thinking about your insurance needs right away — even if these needs are very basic.

[Visual: the screen cuts to a man sitting in front of a computer. He his holding a stack of papers and in thought. After a few seconds, the shot cuts to three people sitting on couches. There are papers, a clipboard and a calculator on the table in front of them.]

It’s always a good idea to review your needs each year to make sure your growth and changes are taken into account.

[Visual: the screen cuts to a profile shot of the presenter in the centre of the screen.]

And when setting your insurance budget, think about the cost of NOT having the right cover, and how that could negatively impact your business.

When it comes to making a decision, here are some common risks to avoid:

[Visual: the screen cuts to a profile shot of the presenter on the left hand side of the screen. A title appears in the top right “Common risks to avoid”. Below this, bullet points appear briefly before disappearing:

• Not reviewing]

Not reviewing the sums insured — make sure you review how much you need covered at least annually, or after any major change to your business.

[Visual: the bullet point changes to:

• Not disclosing important changes]

Not telling your insurer about important changes, like to your business model — you can’t claim for something not covered in your policies.

• Not telling the whole truth]

Not telling your insurer the whole truth, for example a legal issue you didn’t mention — keeping back crucial information can lead to a rejected claim.

• Not getting advice]

Not getting advice. Insurance is a specialist area, and many people wrongly assume they can get one policy — or a package of policies — that covers all their business activities. This isn’t the case.

Insurance policies often use specific, complex and even confusing language, so an insurance broker can help you to unpick anything that’s unclear, and help you understand what a policy does and doesn’t cover, to find policies that suit you.

[Audio / Visual: The music slowly fades out while a blue outro screen appears with the business.govt.nz logo in the centre of the screen. This logo disappears and the Ministry of Business, Innovation, and Employment logo appears on the left-hand side and the Te Kāwanatanga o Aotearoa, New Zealand Government logo appears on the right-hand side.] [Video ends]

Find your risks

Working out what your risks are means answering two important questions:

• What could go wrong at work or with my business?
• Have I got it covered? 
• fire or natural disaster, eg floods, earthquake
• theft, eg equipment 
• stock damage
• loss in transit
• IT crime or hacking 
• injury or property damage caused by your products or services 
• product recall 
• employment dispute 
• health and safety breach.

There are also risks you may not realise insurance can cover, including:

• losing a key staff member
• a sudden drop in revenue
• being sued. 

How do I protect my business? (external link) — Insurance Council of New Zealand

Types of insurance

No single policy can cover all your business risks so it’s likely you’ll need more than one policy. Here’s an overview of common policies bought by businesses. For all types, make sure you know what is and isn’t covered.

Asset insurance can cover theft and damage items you own and use for work, eg computers, furniture, tools and stock. There are two main types:

• Indemnity: The most common policy type, which takes wear and tear into account when paying your claim. 
• Replacement: This pays full costs of replacing an item.

Commercial property

This is one of the most common forms of business insurance and is typically taken out by the owner of the property. It’s usually in the form of a material damage policy and covers you, and any lender that you have borrowed funds from. This insurance cover protects you from natural disasters, fire, burglary, and other events that cause loss or damage to stock, plant, business contents and buildings. You don’t usually take out this insurance if you lease your business premises. 

After the 2011 Canterbury earthquakes, insurers now want more information before agreeing to earthquake cover, including:

• when the property was built
• what, if any, strengthening work has been carried out
• what ground it is built on, eg reclaimed land or bedrock
• its seismic rating.

If you don’t know the answers, an engineer can tell you.

If you run your business from home, household insurance does not automatically cover your workspace or assets.

Business interruption

A business interruption policy covers you when your business is interrupted by natural disasters, fire and burglary (events that are covered in a commercial property material damage policy), and you suffer losses because of the interruption. It covers you for an agreed period so that you can still pay wages, rent and utilities and have some funds left over for profit. You can take out this type of policy if you lease your business premises.

To see if this type of insurance is for you, use the checklist on the Insurance Council New Zealand’s Covered website.

Business interruption (external link) — Insurance Council of New Zealand

Common business assets checklist

Continuity and contingency planning

Useful if you do work for other organisations. Liability insurance covers costs if that organisation sues you or one of your employees. There are several types of liability insurance, the most basic of which — general liability cover — all businesses and self-employed people should have. If you’re a contractor, liability insurance might be one of the terms and conditions in your contract.

Commercial vehicle

If you use a vehicle for work, you should at least have third party insurance. If you use your vehicle a lot, or your business has a fleet of vehicles, think about getting fully comprehensive cover. Private motor insurance does not cover the vehicle when it’s being used for business.

If you’re a small business that relies heavily on one person, eg the owner or chief executive, key person insurance — sometimes called key man insurance — covers the costs of suddenly losing them.

Cyber security — and the risks to your business — is a broad area covering data breaches, website hacking and IT scams. Make sure your cyber insurance policy covers your areas of risk. Your broker should help you understand what a policy does and doesn’t cover. If you are sorting out your own insurance, read the fine print to make sure it will help you recover from a cyber attack.

Protecting business data

Contract work

This covers you for extra costs while doing alterations to your business premises, eg accidental damage. It does not cover you for liabilities related to work you do under contract to other organisations — that comes under liability insurance.

There are different types of marine insurance for personal and commercial vessels, eg cargo or fishing.

Hull: This covers damage to your vessel’s hull, not its contents or other parts of the vessel.

Marine cargo open policy: This covers goods your vessel may be carrying, eg around New Zealand or overseas.

Marine insurance (external link) — Insurance Council of New Zealand

Other types of insurance

Travel: Commonly used to cover employees going overseas for work, eg for lost baggage, missed flights or emergency medical care.

Transit: This covers you if equipment or stock is damaged when you or a freight company is moving it.

Product recall: Covers the costs of recalling a product you make or sell, eg because it’s defective or dangerous.

Trade credit: If you do business overseas, trade credit insurance covers you for loss of revenue, eg if your customer won’t pay.

Insurance cover for contractors

When to think about insurance

It’s a good idea to start thinking about what insurance needs you have when you’re starting out — even if these needs are very basic. Review your needs at least once a year to include your growth or other changes. If your revenue is going up, for example, it’s a risk to let a business interruption policy simply roll over annually at the same level. And if you own your premises, check the sum insured will still cover the costs of rebuilding.

When setting your insurance budget, think about the cost of NOT having the right cover.

Your insurance policy.

Insurance policies are legal documents, which need to be read and understood carefully. They might contain jargon or legal terms you haven’t come across before, or don’t understand. If in doubt, talk to an insurance broker before you sign any policy.

By law you must give your insurer all details they ask for, and any other information that may influence your policy, eg about workplace accidents or past claims. If you don’t tell the truth, you may not be paid out on your claims. If you run your business from home, tell your insurer — you may have to change or increase your domestic insurance. If you drive your own vehicle for work, tell your insurer how much you use it, eg 10% of your working time.

This is the amount of money you agree to pay towards fixing something, eg damage or a claim against you. This is agreed when you take out or renew a policy.

Excess is usually a dollar figure, eg you pay the first $350 of any claim, but can be in time, eg no insurance cover for the first two days of your claim.

The lower the excess, the higher your premiums will be. Do your sums. How much extra are you paying a year to bring down your excess? If you are unlikely to make many claims, is it worth paying higher premiums?

A suitable excess level depends on:

• how much risk your business has
• how likely risks are to occur
• what the potential cost of losses are.

An insurance broker can help you find the right level of risk for your business.

Managing risks

If something goes wrong, you must do your best to put things right. Your insurance is there to help cover the costs, not do the whole job. Make sure you tackle problems head on. Don’t wait for insurance cover to kick in before acting.

Insurance is a specialist area. Many people wrongly assume they can get one insurance policy — or a package of policies — that covers all their business activities. This isn’t so.

Insurance policies are also legal documents, with language that can be specific and complex.

An insurance broker can help you unpick anything that’s unclear — and find policies that suit you. Choose a broker with experience advising businesses like yours. It’s a good idea to ask people in businesses like yours if they know a good broker.

Going at it alone and getting your cover directly through an insurance company can be cheaper. But there is a risk you’ll sign up to a policy that doesn’t cover all your needs.

What brokers do

The first thing a good broker will do is assess the risks you face. You then have two choices:

• Lower these risks by making changes in your business.
• Pass on the risks to a third party — an insurer.

If you choose to get insurance, your broker will take your risks to the market to find the right cover at the best price. Brokers must be registered to operate. Search the Financial Service Providers Register to find out if they are.

Search the Financial Service Providers Register (external link) — Companies Office

Prepare for advice

To speed up the process of getting insurance, useful steps to take before meeting a broker include:

• Put a realistic value on your assets — find out how much it would cost to replace the items you want to insure.
• Get a set of current accounts and find important numbers, eg gross profit. 
• Gather relevant facts about your insurance history, eg past claims.
• Look at your business processes to spot risks. What might happen if you, a major client or supplier suddenly has to stop trading?

Common mistakes

Avoid these common insurance pitfalls:

• Not reviewing the sums insured — make sure you review how much you need covered at least annually, or after any major change to your business, eg new premises or product line
• Not telling your insurer about important changes, eg to your business model — you can’t claim for something not covered in your policies
• Not telling your insurer the whole truth, eg a legal issue you didn’t mention — keeping back crucial information can lead to a rejected claim
• Thinking insurance policies make your risks go away — the risks are always there, but the right policies will help you manage if something goes wrong. 

How useful did you find this information?

"Rate this" is required

You must enable JavaScript to submit this form

Related content

Id your business assets.

Use this checklist to make sure you identify all your assets — and get the most value from each one.

Health and safety basics

Discover useful actions that will help you control risks, protect people and meet your legal responsibilities.

When to think about intellectual property

Steer clear of scams and fraud.

Scammers and fraudsters use all kinds of tricks to steal from small businesses. Here’s how to avoid being a victim.

Products and services

Tailored business insurance solutions

A complete business insurance solution tailored to fit small and medium businesses. Right here. Under one policy.

                                0800 376 304

Cover we can arrange

Material loss or damage.

If a fire or storm damages your premises, this can help cover loss of, or damage to, your business assets – such as buildings, contents and stock.  

Glass cover

Does your business have physical premises? This can help cover the costs of replacing internal or external glass – such as a window with an advertising sign that is accidentally broken or damaged.

Theft may be calculated or petty. No matter the circumstance, it’s always a blow. This can help cover the loss of your contents and stock due to theft at your premises.

Machinery breakdown

Even the most well maintained equipment sometimes becomes faulty. This can help cover the mechanical breakdown of machinery equipment at your premises – such as air-conditioning units and refrigeration equipment.

Business interruption

Business interruption insurance can help cover loss of income and increased costs of operating due to an insured event. An ‘event’ refers to property loss or property damage.

Electronic equipment cover

In today’s world, every business relies on technology. This can help cover the breakdown of electronic equipment at your premises – such as computers, photocopiers, POS – to keep your business humming.

Portable contents insurance

Every industry relies on portable business tools, be they laptops or wrenches. This can help cover loss or damage to portable contents – otherwise known as general property – both on and away from your premises.

Money cover

Does your business need physical cash on hand for cash transactions? It may be a necessity, but it can be a risk. This can help keep your business’s money safe while it’s on your premises or in transit.

Why use a broker?

Choosing business insurance means navigating through products, coverages and policy terminology – with a sales pitch as your only guide. At Marsh, our brokers will spot your unique set of risks, match you to the right choice, and advocate for you on price.

Why should you choose Marsh to arrange your insurance solutions?

In business, we've got your back

From mum and dad’s dairy, to national pizza chains, Marsh has a 60+ year history of supporting New Zealand’s business community. Our award-winning brokers are fluent in the latest global and Kiwi market insight and risk, but cut through the jargon to speak your language.  

Local expertise

Our New Zealand-wide network of brokers have spent years at the forefront supporting business owners manage their unique risks in a fast-changing market. They keep ahead of the latest market insights, both local and global, and break down complex terminology.

Claims support

Handling an insurance claim can quickly become overwhelming, not least when your time is stretched to the limit keeping your business going in the backdrop. We help take the load off and manage, negotiate and settle claims with insurers on your behalf.

Award-winning experts

Marsh is a recognised industry leader, winning Large Broking Company of the Year 2022 and 2023 at the New Zealand Insurance Industry Awards . 

Tailored advice

Our experts understand your business’s unique risks. They can help you find the most comprehensive cover that’s right for your business.

Making it easy for SMEs

Our brokers will do the leg work to help you find the cover you need to run your business or secure the lease for your small or medium business.

Related insurance solutions

• Browse by product
• Browse by industry

A storm, cyber attack or machinery breakdown can grind your business to a halt. Arrange business interruption cover to keep things moving.

Public liability cover

Protect your business against third-party accidents and costly legal fees. Let us arrange the right cover for your needs.

Insurance premium funding

Insurance can be a lifeline. But lump sum premiums can be a hindrance. Pay in monthly instalments with premium funding arranged by Marsh.

Marketing consultant cover 

In marketing, strategy is key. Consider a strategic approach to your insurance – let the industry experts arrange yours. 

Travel agent insurance 

We can arrange insurance products and services that may suit the travel industry, including professional indemnity and income protection. 

HR consultant cover 

Your clients know the value of your time. Why not free up some more? Let us arrange comprehensive insurance for you. 

Frequently asked questions

What insurance should i consider for my business.

The insurance you will need or should consider for your business will depend on a few different factors – for example, the nature of your business, the services you provide, the assets you have, the risks associated with running your business, and the regulatory requirements of your industry or sector.

Some of the key risk insurance program options for businesses to consider include material loss or damage to property, glass breakage, theft, machinery breakdown, business interruption, electronic equipment, portable contents, tax audit, and money cover.

When it comes down to it, there’s no one-size-fits-all business package that suits all types of businesses – it’s all about finding the options that adequately cover the risks in your business. So before you sign for a business insurance policy, make sure you first seek advice from a broker who understands your business and its risks.

How does business insurance work?

Business insurance can be a valuable tool to help provide financial protection for your business against various risks and liabilities. However, because all businesses are different, it’s not as simple as just purchasing a policy and being done with it. There are a number of steps involved in making sure your business policy is fit for purpose:

1. Assess your risk before you sign up for anything: This involves identifying potential hazards and the like likelihood and severity of risk events. Understanding the specific needs of your industry and operations as they evolve overtime is critical.

2. Choosing cover that’s right for you: This can be trickier than what you may think because policy wording – the terms and conditions, exclusions and inclusions – is often technical and complicated. However, you should base your decision on your risk assessment and the requirements of your business and industry.

3. Purchasing an insurance policy and managing cash-flow: In doing so you may need to weigh up the costs of different insurance solutions against the type of cover you get. Depending on the cost, you may wish to secure insurance premium funding to pay monthly instalments rather than a lump sum.

4. Renewals: When it comes to renewing your insurance policy, you should start reviewing your policy and requirements well ahead of the policy renewal date – especially if you’re working with a broker, so as to give them ample time to find the best cover at the best price, 3 months ahead is bet practice.

5. Claims process: In the event that you need to make a claim with your insurance provider, you’ll need to notify the insurance company at the time of the event, providing documentation and evidence of the loss or liability. Your insurer will assess the claim and determine how much you will be compensated. Broking companies – like Marsh – typically provide claims services to businesses requiring support.

How do I insure myself as a sole trader?

Even as a small business or sole trader, the claims made against you can be costly. If you don’t have the funds to cover expenses such as legal costs, compensation, and replacing lost or stolen goods, then you should consider purchasing some form of business insurance. Of course, you will need to assess which type of insurance is right for you.

A sole trader can range from someone running their own pet sitting business to a management consultant for large corporations. Find out if Marsh can arrange insurance for your profession or occupation on our Business listing page.

Why should I consider a business insurance package?

Business insurance is an integral part of doing business. Without the right protection, you risk losing everything you’ve worked so hard to achieve to one event – be it a storm, fire or burglary.

What does Marsh’s business insurance package typically cover?

The most common business package policies include:

Property insurance (including business interruption insurance) 

Glass insurance 

Theft insurance 

Money insurance 

Public liability insurance 

Product liability insurance.

Many insurers offer other cover, such as machinery breakdown and electronic equipment.

The important thing to remember is this: we can tailor your business insurance package to your needs.

Does my business need to consider business interruption insurance?

Imagine an insurable event happens to your business. A fire, storm, theft or burglary. Would you still be able to pay rent, utilities, staff wages and operating costs?

If not, business interruption insurance can help cover you. It provides protection for loss of income and increased operational costs caused by an insured event.

How will my premium be calculated?

The cost of your business insurance depends on a few factors. These can include the:

Size of your business

Size of your workforce

Type of business activities you carry out 

Property you want to insure 

Location you operate from.

Your insurer will also consider your fire and security protections, plus any claims history if you’ve had insurance before.

You can also obtain quotes that have a higher excess amount. This can provide some premium savings.

Discuss all these factors in-depth with your Marsh advisor.

What cover is excluded under the business insurance package?

Exclusions under a business insurance policy will be specific to your industry and the insurer you choose.

That’s why it’s critical to understand what you are being covered for before purchasing business insurance.

Thankfully, our team of brokers and risk management experts can provide you with advice and recommendations at every step of the way.

News and articles

Renewing your business insurance? Help avoid this costly mistake

Marsh provides valuable insights for renewing business insurance, tailored for small businesses in New Zealand. Stay informed and secure your business with our expert guidance.

Have you got the right insurance cover to match your business growth?

Explore the importance of having the right insurance coverage to match your business's growth. Marsh NZ provides valuable insights into safeguarding your business as it expands.

Forms and documents

• Financial advice disclosure

LCPA 23/150 

Marsh Ltd (NZBN 9429040918792)(“Marsh”) arranges insurance and is not an insurer. This webpage contains general information, does not take into account your individual objectives, financial situation or needs and may not suit your personal circumstances. For full details of the terms, conditions and limitations of the covers and before making any decision about whether to acquire the product, refer to the specific policy wordings and/or product disclosure statements available from Marsh on request. 

• Home Insurance
• Contents Insurance
• Home and Contents Insurance
• Car Insurance
• Motorcycle Insurance
• Landlord Insurance

Cover Types

Public and Products Liability Insurance

Cover for your legal liability if property is damaged or someone is injured due to your business activities.

Commercial Vehicle Insurance

Your choice of Comprehensive, Third Party, Fire & Theft or Third Party Only cover.

Business Contents and Stock Insurance

Covers you for loss or damage to your contents and stock which are normally kept at your business premises.

Portable Contents and Stock Insurance

Cover for your contents and stock which you normally carry around with you for your business, such as phones, laptops and tools.

Statutory Liability Insurance

Covers defence costs and fines ordered against you as a result of unintentional breaches of most New Zealand laws.

Employers Liability Insurance

Covers your defence costs and legal liability to pay damages to your employees who suffer a personal injury at, or because of, work.

Back in Business Insurance

Covers those situations when accidental damage prevents your business from operating. There are different levels of cover you can choose from.

Employee Theft Insurance

Covers you for physical theft of money or property (but not computer-based crime).

Equipment Breakdown Insurance

Covers you for damage occurring to refrigeration machinery at your place of business.

Deterioration of Stock Insurance

Covers you for damage to chilled or frozen stock caused by the accidental stoppage, malfunction or damage to refrigeration machinery.

Let's get things sorted

Speak to a Small Business Insurance Consultant

Call us on   0800 500 231

Why Choose AA Small Business Insurance ?

Individuality.

Every business has unique needs and risks; what works for one may be a bad fit for another. AA Small Business Insurance lets you find your insurance sweet spot. 

Transparency

We believe you have the right to know everything about your own cover. That’s why we’re upfront, honest, and won’t try to sell you a policy you don’t need.

Flexibility

Our packages change to fit your business — not the other way around. Customise your policy and update it as your needs change.

• Request a callback

Small Business Insurance

Whether you’re a tradie, retailer, barista or making a living from home, we’ve got you covered..

Every business is unique, and your insurance needs are likely to change as your business grows. The family people mover may become the full-time delivery van. You might start out as the only employee but may need to hire more people to join your team. Whatever your requirements, we’re here to help you choose the insurance cover you need, so you can focus on taking care of business.

Tell us you're a personal AA Member and you will receive a discount on selected policies based on how long you've been a Member. Plus, talk to us about how you could save money with a Multi Policy Discount when you take out more than one eligible insurance policy with us.

$InsuranceBanner('lets-get-things-sorted')

Why choose us?

Small business consultants.

Our Small Business Consultants can help you work out what level of cover you need.

Multi Policy Discount

Let’s make life and managing your business easier. The more you insure with us, the more you save.

NZ's Most Trusted General Insurer

You can trust New Zealand’s Most Trusted General Insurer to protect your small business.

Cover types

Public and products liability insurance.

Cover for your legal liability if property is damaged or someone is injured due to your business activities.

Commercial Vehicle Insurance

Your choice of Comprehensive, Third Party, Fire & Theft or Third Party Only cover.

Business Contents and Stock Insurance

Covers you for loss or damage to your contents and stock which are normally kept at your business premises.

Portable Contents and Stock Insurance

Cover for your contents and stock which you normally carry around with you for your business, such as phones, laptops and tools.

Statutory Liability Insurance

Covers defence costs and fines ordered against you as a result of unintentional breaches of most New Zealand laws.

Employers Liability Insurance

Covers your defence costs and legal liability to pay damages to your employees who suffer a personal injury at, or because of, work.

Back in Business Insurance

Covers those situations when accidental damage prevents your business from operating. There are different levels of cover you can choose from.

Employee Theft Insurance

Covers you for physical theft of money or property (but not computer-based crime).

Equipment Breakdown Insurance

Covers you for damage occurring to refrigeration machinery at your place of business.

Deterioration of Stock Insurance

Covers you for damage to chilled or frozen stock caused by the accidental stoppage, malfunction or damage to refrigeration machinery.

Let's get things sorted

Speak to a Small Business Insurance Consultant

Call us on 0800 500 231

*AA Member discounts are available when you take out or renew an eligible policy and provide us with your valid personal AA Membership number.

More information

Find out more about AA Small Business Insurance at AA Insurance Why choose AA Insurance? AA Insurance terms and conditions AA Member discount on AA Insurance Products terms and conditions

📣 Learn more about Beany. Book a call with a problem solver today.

📣 Find out how Beany can help you. Book a call today.

BUSINESS ADVICE •  20 OCTOBER 2022 • 7 MIN READ

10 types of insurance for small businesses in New Zealand

First up – here are the compulsory types of small business insurance. Next, we’ll move to optional insurance cover.

Let’s move on to small business insurance cover that’s not compulsory but still important to consider. , next steps – talk to a professional for personalised advice on your small business situation..

In August 2022, there were about 546,000 small businesses in NZ , representing 97% of the firms in the country. We’re guessing that you’re reading this blog because you’re one of them.  ​

97% of the businesses are small businesses is a staggering statistic, and it begs the question: How can they all stay safe and stay in business for longer?  ​

And, closer to home, what actions can you take as a small business owner to reduce your risks, be less vulnerable when mistakes happen, and do the right thing for you, your staff, clients, suppliers, and the public?  ​

First up, get insured.  ​

The type of insurance small businesses need depends on several factors which include: the industry or trade you’re in, what kind of assets and liabilities you have, whether you employ people or not, the size of your business, and your attitude towards risk.  ​

Small business insurance asks: what if? What if we make a mistake, what if someone gets hurt, what if our property gets damaged? What can we do when things go wrong? And how can we be confident our assets, cashflow and reputation are protected? ​

Before we continue: this blog includes information that is general in nature only and you should always seek specific advice from a professional for your situation.  ​

So, let’s look at the top 10 insurances for small businesses and why you should consider them. ​

1) Workplace health insurance

In NZ, everyone is covered under ACC whether they are at work, at home, or anywhere for accidents and mental injuries suffered because of an accident. But as a business owner, it is always good when you cover your employees for extra workplace health insurance for situations not covered by ACC. You can add that as an extra benefit for your employees to attract good people to work for you.  ​

Read more: How does ACC work if you’re self-employed? ​

2) Third-party personal injury/compulsory third-party insurance (CTP).

It is highly recommended to have a third-party personal injury insurance, if your company owns a vehicle or several vehicles. This policy will cover compensation costs in the event people are injured or killed when your company vehicle is involved in an accident. ​

3) Public liability insurance – compulsory for some types of businesses.

As a small business owner, we’re sure you do all you can to protect the safety of your customers, suppliers, and the public. But mistakes and accidents do happen.  ​

Some contracts with landlords, suppliers and customers stipulate that public liability insurance is compulsory. These are the most common reasons why you would need it. ​

• You own premises where your clients frequently visit.
• You go to other people’s premises for your work.
• You run off-site activities or events that the public attend.
• You run your business from home and people come to your home for business-related reasons. 

If your products or services cause harm to people or to property, you could be liable to pay for compensation and your legal fees to defend yourself. Claims like this can destroy a small business because costs can run into hundreds of thousands of dollars. Examples of when you can claim include the following. ​

• A client or member of the general public has visited your place of work and they have tripped over a wire or slipped on a wet floor.
• You damage somebody’s property by dropping it or spilling a drink on it.

Public liability policies include: ​

• cover for legal and defence fees
• compensation for personal injury
• compensation for property damage
• the option to extend to product liability and negligence claims.

4) Professional indemnity insurance.

If you’re in the business of providing a professional service or advice, you should seriously think about professional indemnity insurance.  ​

Let’s face it that definition is broad – you could be a chiropractor or consultant; health professional or lawyer; graphic designer or accountant.  ​

This insurance protects you, as a professional, against damages and legal costs associated with defending yourself against claims raised by your customers.  ​

Your clients may seek compensation after they’ve experienced financial loss and allege that happened because: ​

• you made a mistake
• you overlooked or omitted a critical piece of information
• you misstated a fact or provided misleading advice
• you lost some important documentation
• you failed to meet a deadline
• you unintentionally defamed someone
• they misinterpreted your advice or service.

Without insurance, going through the process of repairing the damage caused by an act, omission or breach, is costly, stressful and could severely damage your reputation and finances.  ​

Professional indemnity protects your assets, reputation, and your financial situation. It does this by covering investigation costs, legal costs, and damages awarded to your client (to the value of your policy cover). Although it’s not compulsory across the board, many professions require you to hold a professional indemnity policy so you can deliver your services. ​

5) Business assets insurance.

If you have physical assets, it’s wise to cover them. You can take out insurance to protect your stock, building, contents, tools, and general property from financial loss due to loss, malicious damage, fire and theft, and natural events like earthquakes, lightning, storms and floods.  ​

6) Commercial motor insurance.

If your business regularly uses a vehicle or you have a small fleet – whether it’s a car, ute, or delivery vehicle – you should think about commercial motor insurance. Cover typically includes driver repatriation, signwriting, and cover for replacing keys and locks. ​

7) Business interruption insurance.

Protecting your assets often isn’t enough.  ​

You also need to know that your cash flow and income are taken care of should the worst happen. Business interruption insurance covers the costs of rent or mortgage payments, and your fixed utility charges (electric, gas and water bills) due to the damage and disruption caused by events like a fire, storm, theft or even a burst water pipe. ​

8) Management liability insurance.

None of us wants to dwell on this fact: sometimes people we thought we could trust behave unethically or illegally. If you’re not properly covered for this risk, you could be vulnerable to losing your business and your personal assets. ​

Management liability insurance protects your company and the people running your company should a senior manager or company director behaves – or face an allegation of behaving – unethically or illegally which results in an individual or business loss.   ​

It may include behaviours like: ​

• health and safety breaches
• sexual harassment
• unfair dismissal
• defamation.

Management liability also protects your business from dishonest acts carried out by your employees – for example, theft of stock or fraud.  ​

9) Cyber liability insurance.

Does your business have a website? Do you store sensitive information? ​

Chances are you’ve answered yes to at least one of those questions. The good news is cyber liability insurance protects you in the event of a cyber attack and covers the cost of keeping your data secure. ​

Hackers may deface your website which is not only upsetting but disruptive and financially damaging too. They may also get into your database and access sensitive data. A cyber liability claim will take care of the expenses incurred from the disruption to your business caused by a cyber attack. ​

10) Tax audit insurance.

You never know if your business will be subject to a random audit by the IRD. If you get contacted by IRD commissioner,  it can be time-consuming, stressful, and expensive to manage and pay for completing the audit yourself.   ​

Instead, tax audit insurance gives you peace of mind by covering the costs incurred during an audit such as the professional fees from accountants, lawyers and bookkeepers. ​

Got any questions about Beany?

Chat to one of our friendly problem solvers today to get clarity.

Now that you’ve familiarised yourself with the main types of insurance cover, it’s time to take the next step. You can choose to buy insurance policies directly from the insurer or talk with an insurance broker. ​

An insurance broker is particularly helpful if your business needs are complex and you have to manage multiple high-risk scenarios. They can give you specific advice based on your situation and the type and level of cover you need. ​

A lot of insurance companies provide bundles or packages, which can be cheaper than buying individual policies. Some bundle policies are based on the industry you’re in. ​

Don’t feel pressured to take insurance or become over-insured. But you do need to weigh up the cost of insurance premiums against the cost of repairing the damage when things go wrong. Even one claim could ruin a small business that doesn’t have adequate insurance cover.  ​

You can find a broker through the Licensed Insurer list. it is safer and better to choose a licensed and qualified broker to give you proper advice.  ​

We’ve got your accounting covered – get in touch with Beany today.

Beany works with hundreds of small businesses across NZ who care about protecting what matters the most and growing their business. We take a forward-looking approach, to help you feel empowered with the right financial information at the right time.  ​

We believe that your accountant should be on your side, supporting you to make decisions that are right for you and your business. ​

We have a dedicated team of remote accountants to take care of your business no matter where you are, so you can focus on growing your business. We remove the “fluff”, break down barriers, and get things done. Looking out for you is what we’re all about. Get started for free today. ​

Katie Rickson

Freelance Copywriter and Editor

Based in the beautiful rural town of Helensville in Auckland. A soft spot for long-form content, she loves writing blogs, case studies, and white papers for specialists and service-based businesses. She is also a mum and enjoys acting, dancing and writing poetry. 

subscribe + learn

Beany Resources delivered straight to your inbox.

• 0508 249 268

6 Essential Types of Business Insurance in New Zealand

• Insurance Guides
• Apr 18, 2017

If you own a small business, there’s no denying one of the most important things you need to protect is  your business assets with   Small Business Insurance . But what kind of insurance do you actually need?  

There’s no ‘one-size-fits-all’ when it comes to insuring a business, just as there are no two businesses that are exactly the same. Your insurance needs will vary depending on a variety of factors, such as, the industry you operate in, your trade, and the type of business you run. It will also be influenced by the size and location of your business and your appetite for risk.   

A tradie will face different challenges and risks, to say, a real estate agent, coffee shop, or an engineering firm. Just as a mobile or home-based hairdresser will have varying needs to those of a salon owner who has a shop front.  

However, one thing’s for certain, and that is, finding the right insurance is an essential part of managing the risks involved in operating your business. And let’s face it – all businesses confront an element of risk on a daily basis, regardless of their size or the industry they are in.  

It’s also important to note that some types of insurance are compulsory for many kinds of businesses, whether it’s a legislative requirement, an obligation as a member of a professional board or association or required by a contract you enter into with a landlord or a customer.  

Fortunately, these days there are a variety of policy options to choose from and business insurance policies can be tailored to suit your individual business needs.  

Public Liability Insurance * 

Every business needs to consider Public Liability Insurance – even home-based businesses .  It covers  Public Liability insurance is designed to provide protection for you and your business in the event a  

customer, supplier or a member of the public are injured (and not covered by the Accident Compensation Commission (ACC) ) or sustain property damage as a result of your negligent business activities.  

Public Liability not only covers the cost of compensation, but your defence costs as well. Without the correct level of cover, a potential claim could cost you thousands of dollars (or even hundreds of thousands of dollars), and could be enough to put a small business out of business!  

Professional Indemnity Insurance* 

If your business or profession involves providing a service or advice,  then Professional Indemnity (PI) Insurance is a type of cover you may need to consider.  

Professional Indemnity (PI) insurance is an important form of protection for businesses that provide specialist services or professional advice. It is designed to respond to claims against your business for losses as a result of actual or alleged negligent acts or omissions in the provision of your professional service or advice. PI Insurance will also assist with the legal costs associated with responding to or managing claims which are covered by the policy  

  Your Public Liability policy does not provide protection if there is financial loss only or if the cause of the loss was a breach of professional duty, so it’s important you know the difference.  

  Professional Indemnity Insurance is applicable to many professions, such as chiropractors, consultants, engineers, architects, real estate agents, and accountants, just to name a few. In many professions, it is a requirement to hold a PI policy in order to render your services.  

  Each industry has its own unique set of risks which can be addressed in a policy tailored specifically for your profession.  

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.  

These are some of the different types of business insurance coverage options that are available:  

Building*:   Covers physical loss or damage to your insured buildings as a result of an insured event (such as fire, storm, flood and other perils).  

Property (contents)*:  Cover for loss of or damage to items such as business equipment, stock, plant and machinery, records, fixtures and fittings and furniture belonging to you at the insured location.  

Business Interruption*:  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).  

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.  

Employers Liability Insurance * 

Employers Liability Insurance protects the company and the people who manage the company, such as the Company Director and Senior Managers, against the risks and exposures of running the business – your liability for mismanagement.  

  It protects you against settlements or damages, including defence costs, as a result of an employee suffering bodily injury arising out of their employment (where the Accident Compensation Commission (ACC) does not provide cover (such as gradual impairment injuries).  

  Without sufficient protection, you could potentially risk losing not only your business, but your personal assets too.  

Cyber Liability Insurance * 

  If you have a website for your business or you store sensitive customer information on your computers or laptops, you should think about holding a Cyber Liability policy.   

  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
• 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

Statutory Liability Insurance *  

Statutory Liability insurance protects you, your business and your employees against certain  

unintentional breaches of some New Zealand laws (not criminal laws though). It will also cover the  

costs of representation related to investigation costs for alleged breaches, as well as defence costs,  

and fines or penalties payable following a conviction, where the underlying law allows for fines to be  

paid by Insurers.  

Protect your business 

You put in the hard yards to build your business, so it only makes sense to have a plan in place to protect it. Having the right types of business insurances in place not only gives you peace of mind, but it helps to keep your business protected for the long haul.  

Whether you’re an accountant, a tradie or a hairdresser, at  BizCover  we offer a range of business insurances from a great range of trusted leading insurers. We know how busy you are running your own business, so let us do the shopping around for you, providing multiple quotes in minutes.  

We don’t believe in complex forms and messy paperwork, just insurance made easy with no dramas!  

Start protecting your business today.  

* This information is a general guide only and does not take into account your objectives, financial situation or needs.  As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this web page is general only and should not be relied upon as advice.  

Compare multiple quotes online in minutes

Try NZ's #1 comparison and buy site for business insurance.

Popular Searches

• general and product liability insurance
• professional indemnity insurance quote online
• what kind of insurance does a consultant need
• business general liability
• professional indemnity insurance online quote

Aon is New Zealand’s leading insurance provider, positioned to deliver innovative solutions that address those unmet client needs and become the partner of choice for all businesses — no matter industry, size or geography — looking to make better and more informed decisions. We are the preferred insurance provider for over 100,00 Kiwi businesses, understanding the vital contribution that small and medium business makes to New Zealand’s local and global success. Say hello to your local Aon team today. We can’t predict what will happen tomorrow, but we can help protect you and your SME Business.

Link to Cyber PDF

© 2024 Aon plc

This website contains general information only and does not take into account your individual needs or financial situation. It is important to note that limits, excesses, terms and conditions and exclusions apply to the products and services outlined on this website. Please refer to the relevant policy documents for details of cover, the provision of which is subject to the insurer’s underwriting criteria that apply at the time. Please contact us if you have any questions.

If you have been confirmed as Category 3 by your local council, please call our claims teams to receive more information and support with your claim on 0800 800 134

Personal Insurance

• House and Contents
• House Insurance
• Sum Insured
• Cordell Calculator
• Contents Insurance
• Landlord Insurance
• Vero Car Insurance
• InsureMyTesla
• Vehicle Repairs
• Boat Insurance
• Household Removal Insurance
• Vero Schemes
• Insurance Documents
• About Your Premiums

We know your personal assets mean a lot to you. You can rely on Vero to make sure they're protected.

Discover this section

Insurance Review

Are you getting the best value from your insurance? Talk this through with your broker.

Find out more

Business Insurance

• General Business
• Tradies Insurance

Marine insurance

• Cargo Products
• Single Transit Cargo
• Marine Open Policy
• Additional Cargo Products
• Hull products
• Commercial Fishing Vessel
• Commercial Hull
• Boat Builder
• Marine Legal Liability
• For Charterers
• For Carriers
• For Freight Forwarders
• For Ship Repairers
• For Marina Operators
• Marine Insurance Documents
• Contract Works

Commercial Motor

Corporate property, vero liability.

All your business insurances in one place with Vero BusinessPlan.

VERO LIABILITY

External link

• Pleasurecraft
• Marine Cargo
• Marine Commercial Hull
• Marine Liability
• Autosure Claims
• Ford Claims
• Turners Insurance Claims
• Natural Disaster Claims

When things go wrong, we'll put them right. That's better.

• Our Partners
• Financial Strength
• Media Contacts

If you have a media enquiry, please contact a member of our media team .

If you’re looking for a rewarding career at a great place to work, then Vero could be the place for you.

Your career at Vero

CURRENT VACANCIES

• Find a Broker
• For Brokers
• Vero Voice Blog

Insurance that fits your business.

No two businesses are exactly the same. That’s why a ‘one size fits all’ insurance policy often doesn’t. We’ll work with you, and your broker or adviser, to tailor a plan that’s just right for your business.

Whether you’re looking for contract works cover, motor, rural, marine or commercial property it’s good to know you’ve got the support of the business insurance experts.

Document PDF FAQs relating to the 2023 floods and wild weather

General Business Insurance

Intelligent insurance for any business

BusinessPlan gives you the flexibility to choose the cover you need, and bundle it into an insurance plan that’s just right for your business. The great thing about BusinessPlan is that you only pay for the cover you need and there are advantages at claim time too.

• Business vehicles
• Material damage
• Business interruption
• Liability cover
• Machinery breakdown

Marine Insurance

From hull insurance, to liability and cargo, our experienced marine team has extensive experience and up-to-date knowledge in marine insurance—both in New Zealand and internationally. They can also provide cover for freight moved by road, rail or air.

• Hull - personal, commercial, charter & fishing vessels
• Marine liability

Contract Works Insurance

If you’re building new premises or making renovations, you’ll need a team of professionals to help make your project a success. Talk to your broker or adviser to see how we can help.

Insurance that goes the extra distance. We offer a range of benefits that will keep your commercial motor vehicles or fleets safe and sound on the road.

The insurance needs of large corporations are complex. Our corporate property team provides bespoke insurance solutions for some of New Zealand’s largest organisations.

Vero Liability is a specialist division of Vero – and is New Zealand’s only dedicated liability insurer. Together with your adviser, they can guide you through the full range of liability, legal cost and litigation based insurance products.

• Professional indemnity
• Directors & officers’ liability
• Product liability
• Public liability
• Employers’ liability
• Statutory liability

Get insured with Vero

For expert advice on how Vero can help you with your insurance needs, talk to a broker or adviser. Our locator helps you find a broker or adviser near you.

• Find a broker

Important information

Excesses, terms, conditions, limits and exclusions apply to these policies. Please check the policy wording for details of cover. The provision of cover is subject to the underwriting criteria that apply at the time.

Our website provides general information about our products and services to help you make choices when it comes to protecting the things in life and business that really matter and is not intended to be financial advice. For advice on product suitability, please contact your financial adviser.

• Insurance from Vero
• Claims & support
• Extra support
• Insurance documents
• Broker & adviser centre
• Weather updates
• We are Vero
• Financial strength

• Privacy statement
• Terms of use

• Unit 9, 35 Apollo Drive, Rosedale, Auckland, New Zealand 0632
• [email protected]
• 0800-898585
• Complaint & Dispute Resolution Process

Business & Commercial

Boat quote & insure, life & health.

Business Insurance

Let’s face it, business insurance is a complex issue. How often have you heard a story of how someone’s insurance cover didn’t perform as expected when it came to the crunch?

Business insurance cannot be sold as a commodity item, and you cannot afford to only have one Insurer’s opinion. It is your cash machine; your livelihood; your baby. It MUST be protected. Properly.

Small Business Insurance NZ

Baileys take the time to  really understand your business  and the risks you face.  From large multi-national companies to a local retailer, we have the expertise needed.  Following our appointment as your Broker, we will complete an in depth analysis of your insurance portfolio, and how this fits with your business activity.  We’ll make you aware of any gaps in cover, and these can be filled immediately, with your authority.  Based on our experience, there will be gaps!  Like the client we had with a building insured for $1.2m less than the actual replacement value.  Or the client who serviced large vessels, yet had a size limit of 8 metres under their liability policy.

Now we’ve got your cover right, at the following renewal we will, where needed, complete a full “re-market” of your insurance programme, through our trusted panel of Insurers.  This will ensure you have the most competitive premium and excess terms available.

So what we are saying is, let’s get the cover right first, so when your insurance is really needed  it will perform as expected –  without any nasty hidden surprises.

Regrettably in our industry, reducing premiums can often be the only consideration.  And it doesn’t work.

BUSINESS INSURANCE

Marine insurance, life & health insurance, other insurances.

• Unit 9, 35 Apollo Drive, Rosedale, Auckland, New Zealand- 0632
• 0800 898585

© 2003 - 2024 Baileys Insurance Limited. All Rights Reserved.

Please click ‘Read and Accepted’ button below to begin your quote.

Disclosure Statement - New Zealand Based Vessels

Please take the time to read this Disclosure Statement as it’s an important document. Once you have done that, please click on the “Read and Accepted” button to begin your quote.

Licence status and conditions

Baileys Insurance Ltd holds a financial advice provider licence, issued by the Financial Markets Authority (FMA) to provide financial advice.   Our Financial Markets Authority Reference Number is: CAS-75396-Y7R8M1 / NTF220538567.

Nature and scope of financial advice service

This website is an on line facility to purchase pleasure craft insurance for your recreational vessel. This does not provide quotations or advice on any other insurance product. The insurance policy here is underwritten by the marine division of Vero Insurance NZ Ltd. This facility does not provide any comparisons or quotations on any pleasure craft policies from other Insurers. The policy available here has been arranged based on our extensive experience in the marine insurance market. Key features and benefits unique to Baileys Insurance are highlighted in the full quotation provided. Once the policy is purchased, we provide expert assistance with any claims you may need to make. This on line system is set up for boat owners to obtain boat insurance. All of the policy information is available before you make your decision to purchase. If you have any questions or would like to discuss any aspect of the policy or coverage please call us on 0800 89 85 85. The on line facility is only used for new business. Your policy will be reviewed each year and a renewal offer will be sent to you prior to the policy expiring. You are free to turn down this offer. The on line facility can be cancelled at any time without any notice being given.

Fees, expenses or other amounts payable

We charge a policy fee to help cover administration costs.  The fee for trailer craft is NIL.  The fee for moored vessels is: Up to $100,000 sum insured: $50. Over $100,000 sum insured:  $75. Any fee charged will be clearly shown on your invoice and is part of the total amount due.

Premium funding

Premium funding products enable you to pay the insurance premium over the term of your policy by instalments rather than as one amount. Premium funders charge interest and they take a power of attorney over your insurance policy, which means they have the ability to cancel your insurance policy if you fail to pay an instalment.  We own Baileys Premium Funding Ltd, a premium funding company.  Under certain circumstances this company may allow you to fund your premium allowing you to spread the payments over the term of your policy.  Additional charges apply, which will be clearly advised to you if we agree to you using this facility.

Commissions and incentives

Our remuneration is paid by Vero Insurance Ltd, by way of commission. The commission rate is 20% of the Company Premium shown on your invoice. We are also a member of Steadfast NZ Limited (Steadfast). Steadfast supplies technology platforms, management, marketing, professional, technical, and buying benefits and services to support us in providing our financial advice. Steadfast has arrangements with insurance companies under which Steadfast receives a professional services fee of up to 1.5% of the premium paid for each policy arranged by us with those insurers. These payments are used to operate Steadfast. We will receive a proportion of the professional services fee paid to Steadfast, being 35% of that fee. This will be paid to us by Steadfast at the end of each financial year.

We receive no other incentives or inducements.

If you are unhappy with this financial advice service, please contact us immediately so we can put things right.

If you wish to make a complaint, you can contact us as follows: 

• Call us on  0800 89 85 85  between the hours of 8.30 am – 5.00 pm week days 
• Email us at: [email protected]
• Write to us at:  P O Box 101-101 North Shore, Auckland 0745, addressing your letter to the attention of  Peter McEvoy

How your Complaint will be handled

We will attempt to resolve any issue of dissatisfaction with you immediately.  We will send you an acknowledgement of your complaint within five working days of your complaint being notified to us.  This letter or email will provide you with our timeline to respond to you and the name of the person who will be managing our response.  We will investigate the circumstances and contact you to try to resolve the complaint to your satisfaction.  It is important that you provide us with all relevant information.

We will provide you with a written update within 20 working days of receiving your complaint.  If we are unable to provide a full response to you at that point, our letter will explain why we are not yet in a position to do so, and tell you when we will next contact you.  40 working days (maximum) after the receipt of your complaint we will issue a final resolution.  If we need to continue our review past this point, we will explain to you the reason for the delay and the required timeframe to provide a full response. At this point, if you feel that the delay is unsatisfactory, you can redirect your complaint to our external dispute resolution service provider detailed below. 

If we are unable to resolve your complaint

We expect that our response to you will have addressed the concerns you have raised. If you feel that your concerns have not been appropriately considered, we invite you to submit any further information for consideration.  If we are unable to resolve your complaint despite our best efforts, you can contact our external dispute resolution scheme, who provides a free and independent dispute resolution service.  The contact details for our external dispute resolution service provider are: 

Financial Services Complaints Limited 0800347257 [email protected] www.fscl.org.nz

Contact details

Baileys Insurance Limited (FSP721031) is the Financial Advice Provider.  We can be contacted as follows: Postal: P O Box 101 101 North Shore, Auckland 0745 Telephone:  09 4448860  or freephone  0800898585 Email: [email protected]

Important information about us

You can download a pdf version          .

Business Insurance Brokers NZ

Business insurance policies to protect you.

Chances are you’ve insured your business against property loss, damage or breakdown, but what about your most valuable business assets: yourself, your business partners and/or your key staff members?

The loss, or temporary loss, of a sole trader, a key employee, an owner, business partner or a key person can have a dramatic impact on any business. Profits can fall, loans may have to be repaid at short notice or, at worst, the future viability of the business can come under threat. 

Fortunately, there are business insurance options on the market designed specifically for you. From key person insurance and income replacement strategies to a business continuity plan, your Adelphi insurance broker can help you find the best comprehensive cover that will give you peace of mind.

Protecting your Key People

Every business has key people who play a vital role, from those involved in the day to day operations to those that determine strategic direction. If you were to lose a key person from your business, the reality is that it could impact your gross profit, your ability to pay expenses, your relationships with external suppliers and customers, and your whole business suffers. A key person is someone in the business responsible for generating business income – for example a sole trader and small business owners, a key salesperson or a technical expert, as well as company directors and executives. It may also apply to an individual whose loss has a significant operational impact on business income, e.g. CEO, Financial Controller.

Key Person Cover

A well structured key people protection package will firstly identify who are the key people in your business, what roles and functions they perform and identify the potential loss sustained to the business should they be unable to fulfil their role in the company due to death, suffer a serious illness or serious injury, or be out of action for several weeks or months.

An Adelphi adviser can sit down with you and your business partners, in the comfort of your office or home, and develop your business’s Personalised Business Protection Plan to determine the ideal level of Key Person cover you need for your business’s unique circumstances and needs. Better yet, in the event of an accident or unforeseen events, our brokers can help you navigate the claim preparation process to ensure your business insurance is living up to its claim.

Debt Protection Insurance Cover

Many business borrowings are personally guaranteed by or secured over personal property (e.g. a home) of a working shareholder or director, although the borrowed money is used in the business deriving assessable income.

 Sole traders and every partner in a partnership (jointly with other partners) are liable for business debt incurred while they are a partner or sole trader--leading to a significant legal liability in the event of business downturn or poor performance.

Business Debt Protection Insurance can be put in place for the repayment of debt to mitigate the risk of personal assets being placed at risk or the business being put at financial risk.

An Adelphi Business Insurance Adviser can sit down with you and your business partners, in the comfort of your office or home, and develop your business’s personalised Business Protection Plan to determine the ideal Debt Protection cover you need for your business’s unique circumstances and insurance needs.

Shareholder Protection Insurance

Having a key person like an owner, director or major shareholder fall seriously ill, be seriously injured or die can have a devastating effect and cause far-reaching consequences to a small to medium-sized business especially where one or two people may be key revenue generators.

A key part of any business plan is having an effective succession or exit plan. However, when a director, major shareholder, or owner of a business becomes incapacitated or passes away, it is often necessary to shut down an otherwise healthy business.

Proper planning through a Personalised Adelphi Business Protection Plan, incorporating a properly worded Buy/Sell Agreement provides a very effective succession plan in the event a business owner, co-owner or key person dies or is unable to continue in his or her role and helps avoid many of the problems associated with succession and the transfer of ownership.

Business Expenses Cover and Business Interruption Insurance

If your organisation is like many small to medium-sized businesses, its success will be largely dependent upon the contribution of you and your business partners. Where that contribution is no longer there, because the owners of the business are unable to work, your business can be stretched both financially and operationally. The bills will still keep coming in even if you’re unable to work.

Business Expenses Cover helps protect the contribution that you make to your business if an unexpected illness or injury were to occur. If you are a sole trader, small business owner or are in a partnership, Business Expenses Cover allows you to claim for the costs associated with the running of your business including the cost of a replacement, if you are unable to work due to illness or injury over a two year period.

An Adelphi Adviser can sit down with you and your business partners, in the comfort of your office or home, and develop your business’s Personalised Business Protection Plan to determine the ideal level of Business Expenses cover you need for your business’s unique circumstances and needs.

Additional Business Insurance NZ Needs

Whether you want to protect your key people, need support navigating through professional indemnity policies, or want to ensure you're not overpaying for existing business insurance premiums, our expert brokers can help find the right insurance for you. A proud supporter of Kiwi businesses, we can help streamline your policies, claim preparation costs and processes, and ensure your policy meets your exact business needs.

Connect with our team today to review the broad range of policies we can secure for you.

The ASB website functions best with JavaScript enabled.

Business insurance.

Protect your business against damage, liability and disruption or the financial consequences of a key person – like you – becoming unable to work.

Contact us Make a claim

Great reasons to choose us

Have all your business insurances in one place

Our policies are designed to meet a wide range of needs

Should you need to claim, change or review your policy - simply contact us over the phone or at any ASB branch

How can we help your business?

Protecting your business from damage, liability and disruption.

Make sure you could stay operational in the face of an adverse event - with insurances for business assets, vehicles, interruption and liability.

Protecting your business’ borrowing

Safeguard your business and loved ones against the financial impact of not being able to work and being unable to service your loan commitments.

Protecting the ownership of your business

Make sure the company stays in safe hands, should something serious happen to a business partner.

Protecting your business profits

Loan protection and key person protection can help to address the financial consequences of losing a key person, like you, from your business.

Options to consider

Business assets, liability and interruption insurance.

Insuring the key aspects of your business protects it from damage, interruption and liability and could cover you if you can't operate as normal.

Find out more

Business life and disability insurance

Protecting your business against property loss or damage is important, but have you considered the importance of your most valuable assets – you and the people you rely on?

Start-Up Income Protection

If you’ve been trading under three years, this cover could provide the protection you need if you become unable to work.

How to get started

01. contact.

To protect your business from the financial impact of damage, liability and disruption, call 0800 200 252 . To find out about insuring your business’ borrowings, ownership and profits, talk to your local  ASB Insurance Manager  or current ASB contact.

02. Consider

Depending on the type of business protection insurance you want, you’ll get a quote or recommendation.

To protect your business from the financial impact of damage, liability and disruption, accept your quote and we’ll get your policy in place. To protect your borrowings, ownership and profits, make an application. We’ll keep you updated and confirm if your cover’s in place. 

Remember to regularly review your cover and update it as required – especially if something has changed.

Protect your business from damage, liability and disruption

Call us to arrange cover for the things you need to conduct your business and protect it against business disruption.

0800 200 252

Protect your business if something happens to you

Need to protect your business against illness, disability or death? Find your local ASB Insurance Manager or call us and we’ll arrange an appointment with one.

Enquire now 0800 200 252

We're here to help you

Frequently asked questions.

Manage my insurance

The availability of insurance cover is subject to your application being approved. All applications are subject to individual consideration. Special conditions, exclusions or premiums loadings may apply. An excess applies for most benefits. For full details refer to the policy document which is available on request from ASB Bank Limited .

ASB life, health and disability insurance is underwritten by AIA New Zealand Limited ("AIA"). General Insurance is underwritten by IAG New Zealand Limited ("IAG").

See further details about AIA's financial strength rating and IAG's financial strength rating .

ASB › Business insurance

Did you mean: ?

KiwiSaver, Managed Funds & NZRT hub

Your online investment service

Your AMP insurance management hub

For our Adviser partners

For our Employer partners

Business insurance

Offset the big risks with the right protection. Get a tailored business insurance policy, contact your Adviser or enquire today.

• Request a call
• Tradies insurance
• Farm insurance

It is important to carry the right insurance as a Kiwi business owner – no one size fits all. Protecting your business assets is one part, but considering all of your liability and financial exposure is also important. Because no two businesses are alike, your small business insurance policy can be tailored to meet the unique needs of your company.

Why you need business insurance

Although it’s rewarding to operate your own company, owning a business brings risk, and for most owners exposure to risk is only increasing. Insurance plays a key role in managing business risk, but between protecting your assets, your business income and a range of liabilities, there is so much to think about. AMP business insurance brokers and advisers have the knowledge to help you navigate the complexities, guiding you through the cover you may need, and securing the right insurance package. 

By clicking 'Submit' you acknowledge our  privacy policy  and agree to us contacting you about AMP products and services.

Welcome back!

Just enter your last name and date of birth so you can get back to your KiwiSaver application.

Business insurance considerations

Just as every business is unique, every business insurance package must be unique. Your business insurance must reflect the needs and circumstances of your business, and the risks and liabilities it faces. Your package will be made up of a number of business insurances, and might include:

Business assets insurance (Material Damage)

Much of the value of any business will be tied up in physical business assets like stock, buildings, equipment, fittings and the like. These valuable assets must be covered against damage, and business assets insurance is built to do just that, covering against incidents like fire, storms, floods, and more. It can also offer a surprising array of automatic covers, such as employee effects, capital additions, and contents and stock anywhere in New Zealand.

Learn more about business assets insurance

Business interruption insurance

Business interruption insurance protects your business in situations when insured physical damage to your business assets results in a partial or complete interruption in business activities, and this interruption affects cash flow and leads to a downturn in gross profit. Depending on your insurance cover needs, you can also enjoy protection against loss of rent (should you be a building owner), additional increased costs of working, and claim preparation costs. 

Learn more about business interruption insurance

Liability insurance

In many ways there is no greater risk to a modern business than being liable for an issue and getting sued by a third party. Liability covers are absolutely critical forms of business insurance, as it protects you against legal liability in a number of ways, including Public Liability (Broadform Liability), Statutory Liability, Employers Liability, Directors and Officers liability, Professional Indemnity and many more. It can cover both the legal costs and damages awarded in relation to an insured event. There’s a lot to consider, so it’s wise to seek liability insurance advice from an AMP broker or adviser.

Learn more about liability insurance

Commercial motor vehicle insurance

Private car cover isn’t designed to insure business vehicles, so if you’re operating a vehicle in a commercial capacity – freight companies, trade businesses, food trucks, construction companies and more – you’ll need commercial vehicle insurance. Choose from comprehensive cover, third party fire and theft, or just third party.

This can include equipment fitted to the vehicle such as cranes, coffee makers and more. Think about the contents you are carrying also – are you responsible for it should the vehicle have an accident or be stolen? Cover for this type of risk is separate from commercial motor insurance, so getting advice from an AMP broker or adviser is important to ensure you cover all aspects of your business activities.

Learn more about commercial vehicle insurance

Benefits of choosing business insurance with AMP   

Expert help

Flexible options

Local support

Are you a tradie get insurance built for you.

AMP tradies insurance is designed to cover the unique risks and meet the unique needs of your trades business. It guards you against a wide range of risks, from dropping your phone, to covering your tools , to defending your business against liability claims. If you’re self-employed or run a trade business with up to five people, tradies insurance can be the ideal insurance solution.

Learn more about tradies insurance

Business insurance FAQs

Yes – you have the option to insure for replacement value. For some business assets we will need a valuation, which we will tell you about if required.

We offer a Statutory Liability policy, which covers you for a number of statutes and the fines, reparation and defence costs associated. For health and safety claims related to the Health and Safety at Work Act legislation, we are unable to insure you for fines, but you can insure for your defence costs and any reparation ordered by the courts.

It can be, but not all business insurance policies have an option for a higher excess to discount the insurance premiums. It is worthwhile running through your options with one of our adviser or broker partners.

In almost all cases you can. There are some more complex and/or large vehicles where you may still need to pay an excess for windscreen repairs or replacement; however, in the vast majority of vehicles, windscreen replacement or repair is excess-free.

There are a multitude of liability exposures in New Zealand and no one policy covers all of the exposures you face as a business. In some cases you can purchase a package liability product, which has most if not all of the liability insurances you need under one insurance. Talk to one of our adviser or broker partners to see what options you have.

In most cases the answer is yes. Our adviser and broker partners all have instalment payment options for your insurances and in almost all cases you can pay your insurance in instalments. In some insurances, such as insurance for only a short period of time, you may be required to pay upfront.

Get help from our team of business insurance experts

Helpful documents.

Business insurance - policy wording Customer change document

Insurance (excluding travel) is underwritten by Vero Insurance New Zealand Ltd. This information is only intended as a guide. Policy limits and exclusions apply. Please refer to the policy wording for full terms and conditions.

Business insurance

We understand the risks businesses face each day, across a broad range of business types. That’s why we’ve partnered with trusted providers in the insurance industry to offer a range of covers to suit your needs.

How we can help you get started

Get advice from the specialists.

Success is hugely dependent on the smooth operation of your business. When something unexpected happens, it could affect business continuity or cash flow. It’s important to talk to specialists to ensure you have the right protection in place to fall back on if you need it.

We’ve done the research for you

We’ve partnered with leading insurance specialists Gallagher and Chubb Life Insurance New Zealand Limited (Chubb Life). They can offer you comprehensive, no-obligation insurance reviews to suit your budget and needs.

Options to suit your needs

Our insurance partners can help you choose options to protect property, stock, equipment, profits, liability, your income or even key people in your business.

Cover options

Every business is different – our trusted insurance partners recommend solutions that are specifically designed to protect you and your business from insurable events.

Protect your assets

A review by your Gallagher broker might look at insurance solutions such as:

Business Assets

Covers physical loss or damage to business assets, including plant, machinery, buildings, stock, contents and tools.

Business Interruption

Covers loss of profits, staff wages and extra costs incurred as a result of an interruption to your business.

Business Liability

Covers legal costs and expenses as a result of business activities or products causing accidental third party damage.

Cyber Insurance

Covers the reconstruction of data and loss of income as well as legal costs and expenses relating to third-party claims.

Commercial Property

Covers damage or loss of commercial buildings, including the physical structure and loss of rents.

Rural Insurance

Multiple covers specifically designed for the rural and agricultural sector. Such as farm assets, farm vehicles, farm interruption, liability protections, milk cover, or cover for livestock.

Protect you and key people

A review by a Chubb Life Insurance Adviser might look at insurance solutions such as:

Can pay a lump sum if you or a key person dies or is diagnosed with a terminal illness.

Trauma Cover

Can pay a lump sum if you or a key person suffers from a defined serious illness or condition.

Complete Disablement Cover

Can pay a lump sum if you or a key person becomes completely disabled due to illness or injury.

Mobility Disability Cover

Can pay a monthly amount if you or a key person are unable to work as a result of illness or injury.

Start-up Monthly Disability

Can provide a monthly ‘agreed value’ benefit to help compensate for losses a new business may face if you or a key person is unable to work due to injury or illness.

Specific Injury Cover

Can pay a lump sum if you or a key person sustains one of the covered injuries as a result of an accident.

Premium Cover

Can pay your policy premiums if you or a key person in your business becomes disabled and are unable to work.

Personal insurance

A range of solutions designed to protect you and your family’s personal income, life and lifestyle.

We'll help you figure things out

One of our business specialists will be happy to answer your questions about business insurance and can put you in touch with one of our local insurance specialists.

General business enquiries

Monday to Friday, 8am - 8pm Saturday and Sunday, 8am - 6pm

Business specialists available

Monday to Friday, 8am - 6pm Saturday, 9am - 5pm Sunday, closed

From overseas: +64 9 523 7220

Find your local branch and make an appointment to talk to a business specialist.

What else do you need to protect?

You’ve worked hard to get your house – insurance can help you protect it.

Your contents

Protect the things you own from accidental damage or loss.

Accidents happen. Insurance can help you get back on the road as quickly as possible.

Business risk management and insurance

How to reduce risks in your business, prevent employee theft and card payment fraud, and pick the right business insurance for you.

Important information

IMPORTANT: This is a summary only of cover and features that may be available. Terms, conditions and exclusions apply. For more details contact any ANZ Business Centre or phone 0800 269 249.

Our insurance solutions are underwritten by third party insurers. All insurance products are subject to terms, conditions and exclusions set out in the applicable policy document. No member of ANZ Bank New Zealand Limited (ANZ) or its related companies guarantees the underwriters and insurers, or any of the products issued by them. ANZ may receive commission on any policy it arranges or on any referral to Arthur J. Gallagher & Co (NZ) Limited (Gallagher) or Chubb Life Insurance New Zealand Limited (Chubb Life)..

Our financial advice provider statement has some important information you should know about ANZ and our financial advice services. Please take the time to read it.

• Business Scoop
• Review of Books
• Wellington Scoop

Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | /" style="white-space: nowrap">Search

Types Of Business Insurance You Might Need

In this article, one of the UK’s top-rated company formation agents, Rapid Formations , highlights 12 types of business insurance you might need.

Employer’s liability insurance

A compulsory type of business insurance is employer’s liability insurance. Limited companies with at least one employee must have this policy. Employees include:

• Full-time staff
• Part-time staff
• Subcontractors (who work under your direction and use your tools and materials)
• Work experience staff
• Apprentices
• Temporary/agency workers

Employer’s liability insurance protects your business from compensation and legal fees if an employee sues you for getting sick or injured while working for you.

For example, if an office worker slips on a wet surface and suffers a head injury, your business may face legal action for poor health and safety standards in the workplace. Or if a warehouse employee hurts their back by lifting heavy items, they may sue if you, the employer, failed to provide them with proper training.

All limited companies in the UK must have at least £5 million of employer’s liability cover. Otherwise, you may be fined up to £2,500 per day. Other business structures may be exempt from having this type of business insurance, as detailed in section 57 of the Employers’ Liability (Compulsory Insurance) Act 1969 , but it is not optional for limited companies.

Public liability insurance

Are you getting our free newsletter.

If your trade requires you to physically interact with the public, you should have public liability insurance. This might be a customer, supplier, or simply a passerby.

Public liability insurance protects your company from third-party claims, such as if a visitor gets injured or damages your property whilst on your business premises. It can also cover you if you accidentally damage someone else’s property whilst travelling to see a customer.

Let’s say you run a photography studio. If a customer comes in for an appointment and trips over an exposed cable, they could sue you for any injuries caused by an untidy workplace. Or let’s say you visit a client at their offices and spill water on their laptop - you may have to pay the damages.

Unlike employers’ liability insurance, this type of business insurance is optional. However, it is highly recommended, especially if you regularly come into physical contact with the general public.

Product liability insurance

This type of business insurance is supplementary to public liability cover. It is useful when someone claims for an injury or damage caused by a faulty product.

Product liability insurance protects both manufacturers, suppliers, and other parties in the supply chain. Even if your company hasn’t created the defective product, you could still have a claim made against you for being involved with it.

For instance, if you run a food and beverage store and stock another brand’s contaminated product, you could face legal action for distributing the faulty item to the public.

Product liability insurance is optional, but it can be useful for retail or tech businesses, or companies involved with supplying products to the public.

Professional indemnity (PI) insurance

Companies that offer advice, skills, or consulting as part of their services should consider PI insurance. This type of business insurance protects you from unexpected legal costs if a claim is made against you for making a mistake or giving bad advice.

Professions that could benefit from PI insurance include - but are not limited to - solicitors, accountants, financial advisers, architects, and chartered surveyors. This policy covers you if a client suffers damages or a financial loss because of negligent advice - even if it was offered for free.

Directors’ and officers’ (D&O) insurance

As a director or officer of a company, you’ll have certain obligations with regard to employees, investors, regulators, and the public. This type of business insurance provides personal cover if you’re accused of breaching your responsibilities and helps with the legal costs of resolving the matter and any financial losses you may incur during the process.

For example, an employee might accuse you of a wrongful act such as a breach of duty of care, or failure to comply with health and safety regulations in the workplace.

D&O insurance can be useful for directors, officers, partners, general managers, or other leadership roles. Undertaking these key positions in a company means that your personal assets could be at risk if an allegation is made against you. So, D&O insurance is designed to protect the individual as opposed to the company.

Commercial property insurance

If own an office, store, warehouse, or other type of business premises, you should have commercial property insurance. This policy covers the building itself in the event of damage (e.g. by flood or a fire) and the cost of repairs.

If you rent your commercial space, the landlord may still require you to have this type of business insurance, so it’s worth confirming this with them.

Commercial property insurance is particularly useful if you rely on your commercial space to carry out your daily business activities. For example, if you run a beauty salon or a photography studio.

It’s also beneficial to add contents cover to your commercial property policy. This protects your stock, furnishings, and fixtures and fittings from damage or theft.

Business interruption insurance

During an unexpected event, such as a fire, theft, or other damages that mean you’re temporarily unable to trade, business interruption insurance protects you against loss of income while you get back on your feet. It means you can continue to pay your bills and simply pick up where you left off before the incident occurred.

Unlike commercial property insurance, which only covers physical damage, this type of business insurance covers your profits when you’re unable to carry out business as usual.

Many policies don’t cover losses caused by a pandemic or epidemic, so if this is important to your business, be sure to double-check this part of the policy before committing.

Invoice insurance

Invoice insurance protects your business if a customer or client fails to pay their bills with you. If they go into liquidation or are unable to settle an invoice on time, this type of business insurance will reimburse you.

The key benefit of invoice insurance is that it shields your cash flow in the event of customer insolvency. It also assesses the credit risk of each invoice, giving you added protection over your company’s finances.

You can typically insure as many invoices as you like and you can claim up to 90% of the invoice value. However, these details will depend on the individual policy provider.

Legal protection insurance

Businesses can encounter misunderstandings and disagreements at any time. Small companies may find legal protection insurance useful for guarding their finances in these situations.

Whether the dispute concerns an employee, a customer, a contractor, or a government body, this type of business insurance gives you vital cover for resolving matters where legal proceedings are the only option.

An example of when legal protection insurance may be useful is if an ex-employee takes your business to an employment tribunal for unfair dismissal, or if a trespasser accesses your trade premises without permission and causes damage to the property. In these instances, this business insurance includes:

• Solicitor and barrister fees
• Court costs
• Expert witness expenses
• Attendance expenses
• Accountant fees
• Making or defending an appeal

Tax investigation insurance

HMRC makes thousands of tax investigations every year to ensure that businesses comply with tax regulations and pay their bills correctly. If an enquiry is made into your company, tax investigation insurance is essential.

Investigations can be instigated within high-risk industries, for bookkeeping errors, discrepancies in your tax return, or simply at random. If an investigation leads to a claim against your business, tax investigation insurance covers the legal expenses that come with settling it.

Not only can this business insurance give you peace of mind, but it can also save you valuable time and money. A tax investigation can happen without warning, in which case you know that your company is immediately protected. Without this insurance, your legal fees (for a solicitor, tax advisor etc.) can quickly stack up and put your business finances at risk.

Cyber insurance

Cyber insurance protects your business from digital threats, such as hacks, phishing attacks, and data breaches.

Keeping your company and its information safe from online hackers is your responsibility. However, considering today’s highly sophisticated hacking techniques, these incidents can be difficult to avoid.

If they do happen, the effects could be detrimental to your business. So, you should consider this business insurance and provide a crucial safety net for your work computer systems.

Key person insurance

Also known as ‘key man insurance, key person insurance shields companies from the financial impacts of critical illnesses or the death of an integral individual. This could be a director, a top executive, or an employee who is considered essential in the daily running of the business - someone whose absence would affect the company’s future.

If this person were to fall ill or pass away, this business insurance ensures that your business can keep trading and covers any profit losses in the interim period of replacing the key person.

From building and contents cover to personal and legal protection, there you have the 12 different types of business insurance that your company might need. While it’s unpleasant to think about worst-case scenarios, it’s essential to protect the company you’ve worked so hard to build.

Did you know Scoop has an Ethical Paywall?

If you're using Scoop for work, your organisation needs to pay a small license fee with Scoop Pro. We think that's fair, because your organisation is benefiting from using our news resources. In return, we'll also give your team access to pro news tools and keep Scoop free for personal use, because public access to news is important! Go to Scoop Pro Find out more

BUSINESS, SCIENCE & TECH

Paul blomfield: kiwi startup kaibot in kainundrum named as finalist in the edtech awards 2024.

New Zealand tech startup Kai’s Education continues to build its international reputation with its Kiwi-designed AI learning robot, Kaibot, and online platform Kaibot in Kainundrum being named as finalist in the Assistive Learning category in the EdTech Awards 2024.

Scion: Researchers Warn Of Ongoing Grass Fire Danger As Dry Conditions Persist

With elevated fire danger levels predicted in certain regions until the end of April, researchers at Scion are calling for greater public awareness about the hazard posed by tinder dry grasses.

Tirofruit: Kiwifruit Harvest Promising Despite Challenging Economy

Tirofruit, a leading New Zealand kiwifruit producer, is excited about this year's harvest prospects. After setbacks from frost and wind damage in the past two seasons, the team at Tirofruit remains focused on ensuring an efficient crop offload in hopefully kinder weather conditions.

MBIE: Dairy Farm And Its Owner Must Pay $215,000 In Penalties After Exploiting Indonesian Workers

A Southland dairy business and its owner, an Invercargill Imam, have been ordered to pay $215,000 in penalties by the Employment Relations Authority (ERA) after having been found to have exploited three Indonesian migrant workers.

Suncorp: Suncorp To Sell Its New Zealand Asteron Life Business

The sale is subject to New Zealand regulatory approvals and is expected to complete within nine months. Suncorp’s New Zealand general insurance business remains unchanged and part of the Suncorp Group. Suncorp New Zealand CEO, Jimmy Higgins says Suncorp’s increased focus on its general insurance business will enable it to meet the rapidly evolving needs of Suncorp customers.

University of Queensland: Scientists Create 3D Map Of Universe

An international team of researchers has created the world's largest and most detailed 3D map of the universe – measuring the expansion of the cosmos over the past 11 billion years.

InfoPages News Channels

LATEST HEADLINES

• Navigating The Market: A Beginner's Guide To Using Trading Apps 8:30 AM | Hugh Grant
• How To Look Professional When Meeting A Client 8:22 AM | Hugh Grant
• DHL Phishing Scam 6:52 AM | DHL
• New World’s Family2Family Foodbank Appeal Underway To Support Communities And Fa... 6:42 AM
• Calling All Shutterbugs For Hawke's Bay Airport’s 60th Anniversary Photo Competi... 6:19 AM
• Real Estate Institute Of New Zealand (REINZ) Report Highlights Significant Chang... 5:00 AM
• Real Estate Institute Of New Zealand (REINZ) Report Reveals Steady Growth In Lif... 4:56 AM
• Attack On Science Steps Up With Jobs Going At Callaghan Innovation 08/04/24 | Public Service...
• Kiwi Startup KaiBot In Kainundrum Named As Finalist In The EdTech Awards 2024 08/04/24
• Star Gazers Take Flight: The Reopening Of The Stardome Observatory & Planetarium... 08/04/24
• Researchers Warn Of Ongoing Grass Fire Danger As Dry Conditions Persist 08/04/24 | Scion
• A Call To Save Our Science (SOS) At Friday’s #SS4C 06/04/24 | New Zealand Association of Sci...
• Scientists Create 3D Map Of Universe 05/04/24 | University of Queensland
• New Zealand Flies To The Stratosphere With NASA 04/04/24 | Kea Aerospace

Business SciTech Section

• Business.scoop
• The Main Report - Trends In NZ Business
• NZ & AUS Shares
• Oil Futures
• Weather Underground Te Papa's Blog
• GPS fleet management
• ReadWriteWeb - Web Apps, Web Technology Trends, Social Networking & Social Media

Scoop Newsagent

• News Intelligence
• Email Alerts

Join Our Free Newsletter

• Review of Books
• Agriculture
• Manufacturing
• Energy Policy

Types Of Business Insurance You Might Need

Press Release – Hugh Grant

In this article, one of the UKs top-rated company formation agents, Rapid Formations , highlights 12 types of business insurance you might need. Employers liability insurance A compulsory type of business insurance is employers liability insurance. …

In this article, one of the UK’s top-rated company formation agents, Rapid Formations , highlights 12 types of business insurance you might need.

Employer’s liability insurance

A compulsory type of business insurance is employer’s liability insurance. Limited companies with at least one employee must have this policy. Employees include:

• Full-time staff
• Part-time staff
• Subcontractors (who work under your direction and use your tools and materials)
• Work experience staff
• Apprentices
• Temporary/agency workers

Employer’s liability insurance protects your business from compensation and legal fees if an employee sues you for getting sick or injured while working for you.

For example, if an office worker slips on a wet surface and suffers a head injury, your business may face legal action for poor health and safety standards in the workplace. Or if a warehouse employee hurts their back by lifting heavy items, they may sue if you, the employer, failed to provide them with proper training.

All limited companies in the UK must have at least £5 million of employer’s liability cover. Otherwise, you may be fined up to £2,500 per day. Other business structures may be exempt from having this type of business insurance, as detailed in section 57 of the Employers’ Liability (Compulsory Insurance) Act 1969 , but it is not optional for limited companies.

Public liability insurance

If your trade requires you to physically interact with the public, you should have public liability insurance. This might be a customer, supplier, or simply a passerby.

Public liability insurance protects your company from third-party claims, such as if a visitor gets injured or damages your property whilst on your business premises. It can also cover you if you accidentally damage someone else’s property whilst travelling to see a customer.

Let’s say you run a photography studio. If a customer comes in for an appointment and trips over an exposed cable, they could sue you for any injuries caused by an untidy workplace. Or let’s say you visit a client at their offices and spill water on their laptop – you may have to pay the damages.

Unlike employers’ liability insurance, this type of business insurance is optional. However, it is highly recommended, especially if you regularly come into physical contact with the general public.

Product liability insurance

This type of business insurance is supplementary to public liability cover. It is useful when someone claims for an injury or damage caused by a faulty product.

Product liability insurance protects both manufacturers, suppliers, and other parties in the supply chain. Even if your company hasn’t created the defective product, you could still have a claim made against you for being involved with it.

For instance, if you run a food and beverage store and stock another brand’s contaminated product, you could face legal action for distributing the faulty item to the public.

Product liability insurance is optional, but it can be useful for retail or tech businesses, or companies involved with supplying products to the public.

Professional indemnity (PI) insurance

Companies that offer advice, skills, or consulting as part of their services should consider PI insurance. This type of business insurance protects you from unexpected legal costs if a claim is made against you for making a mistake or giving bad advice.

Professions that could benefit from PI insurance include – but are not limited to – solicitors, accountants, financial advisers, architects, and chartered surveyors. This policy covers you if a client suffers damages or a financial loss because of negligent advice – even if it was offered for free.

Directors’ and officers’ (D&O) insurance

As a director or officer of a company, you’ll have certain obligations with regard to employees, investors, regulators, and the public. This type of business insurance provides personal cover if you’re accused of breaching your responsibilities and helps with the legal costs of resolving the matter and any financial losses you may incur during the process.

For example, an employee might accuse you of a wrongful act such as a breach of duty of care, or failure to comply with health and safety regulations in the workplace.

D&O insurance can be useful for directors, officers, partners, general managers, or other leadership roles. Undertaking these key positions in a company means that your personal assets could be at risk if an allegation is made against you. So, D&O insurance is designed to protect the individual as opposed to the company.

Commercial property insurance

If own an office, store, warehouse, or other type of business premises, you should have commercial property insurance. This policy covers the building itself in the event of damage (e.g. by flood or a fire) and the cost of repairs.

If you rent your commercial space, the landlord may still require you to have this type of business insurance, so it’s worth confirming this with them.

Commercial property insurance is particularly useful if you rely on your commercial space to carry out your daily business activities. For example, if you run a beauty salon or a photography studio.

It’s also beneficial to add contents cover to your commercial property policy. This protects your stock, furnishings, and fixtures and fittings from damage or theft.

Business interruption insurance

During an unexpected event, such as a fire, theft, or other damages that mean you’re temporarily unable to trade, business interruption insurance protects you against loss of income while you get back on your feet. It means you can continue to pay your bills and simply pick up where you left off before the incident occurred.

Unlike commercial property insurance, which only covers physical damage, this type of business insurance covers your profits when you’re unable to carry out business as usual.

Many policies don’t cover losses caused by a pandemic or epidemic, so if this is important to your business, be sure to double-check this part of the policy before committing.

Invoice insurance

Invoice insurance protects your business if a customer or client fails to pay their bills with you. If they go into liquidation or are unable to settle an invoice on time, this type of business insurance will reimburse you.

The key benefit of invoice insurance is that it shields your cash flow in the event of customer insolvency. It also assesses the credit risk of each invoice, giving you added protection over your company’s finances.

You can typically insure as many invoices as you like and you can claim up to 90% of the invoice value. However, these details will depend on the individual policy provider.

Legal protection insurance

Businesses can encounter misunderstandings and disagreements at any time. Small companies may find legal protection insurance useful for guarding their finances in these situations.

Whether the dispute concerns an employee, a customer, a contractor, or a government body, this type of business insurance gives you vital cover for resolving matters where legal proceedings are the only option.

An example of when legal protection insurance may be useful is if an ex-employee takes your business to an employment tribunal for unfair dismissal, or if a trespasser accesses your trade premises without permission and causes damage to the property. In these instances, this business insurance includes:

• Solicitor and barrister fees
• Court costs
• Expert witness expenses
• Attendance expenses
• Accountant fees
• Making or defending an appeal

Tax investigation insurance

HMRC makes thousands of tax investigations every year to ensure that businesses comply with tax regulations and pay their bills correctly. If an enquiry is made into your company, tax investigation insurance is essential.

Investigations can be instigated within high-risk industries, for bookkeeping errors, discrepancies in your tax return, or simply at random. If an investigation leads to a claim against your business, tax investigation insurance covers the legal expenses that come with settling it.

Not only can this business insurance give you peace of mind, but it can also save you valuable time and money. A tax investigation can happen without warning, in which case you know that your company is immediately protected. Without this insurance, your legal fees (for a solicitor, tax advisor etc.) can quickly stack up and put your business finances at risk.

Cyber insurance

Cyber insurance protects your business from digital threats, such as hacks, phishing attacks, and data breaches.

Keeping your company and its information safe from online hackers is your responsibility. However, considering today’s highly sophisticated hacking techniques, these incidents can be difficult to avoid.

If they do happen, the effects could be detrimental to your business. So, you should consider this business insurance and provide a crucial safety net for your work computer systems.

Key person insurance

Also known as ‘key man insurance, key person insurance shields companies from the financial impacts of critical illnesses or the death of an integral individual. This could be a director, a top executive, or an employee who is considered essential in the daily running of the business – someone whose absence would affect the company’s future.

If this person were to fall ill or pass away, this business insurance ensures that your business can keep trading and covers any profit losses in the interim period of replacing the key person.

From building and contents cover to personal and legal protection, there you have the 12 different types of business insurance that your company might need. While it’s unpleasant to think about worst-case scenarios, it’s essential to protect the company you’ve worked so hard to build.

Content Sourced from scoop.co.nz Original url

Kommentare sind geschlossen.

Latest Business news

• TVNZ’s Consultation Process Legally Challenged By E Tū
• Govt Forces DOC To Shed 130 Jobs Despite Fragile State Of Natural Environment
• Announcing The Winner Of The Reinz Nz Auctioneering Championships 2024
• TVNZ Confirms Outcome For Sunday
• Luxon’s Health Targets Delusional Without Workforce Measures
• Evergreen Seeks Commission Approval To Acquire ACMNZ
• Brynderwyns Traffic To Use Paparoa Oakleigh Road Or SH12/SH14
• Call To Fund More Boots On The Ground For Vaping Vigilance
• Banks, A2 Milk Join AgriZeroNZ, Boosting Emissions Tool Fund By $18million
• OCR 5.50% – Official Cash Rate Remains Unchanged
• Sky-high Interest Rates Show Kiwi Families Need Government To Show Some Fiscal Responsibility
• eBus Numbers Soar, Stoke OnDemand Service To End
• Farm Plans Must Be Practical And Cost-effective For Farmers
• Scam Alert: Police Advise Public To Be Aware Of Phone Scam Posing As Officers

Recent Comments

• Lan: Unbelievable that a WEST AUSTR...
• jackp: Murray, when Key is involved t...
• Murray Guy: There are no boundaries when i...
• Lan: Canada & EU do it..Bryce ...
• Lan: I read somewhere that they do ...
• Simon Johnson: The former Department of Labou...
• Andrew P Nichols: Long overdue. Nowhere else in ...
• Rafi: I look forward to Mr Lees-Gall...
• Kevin McMahon: Yes, good on Lord Monckton. ...
• Bee: How do you think Kim Jon Key m...

Recently on Scoop

• Business Reports
• China Economic Scan
• Compare house prices
• Deposit Rates
• Direct Broking – NZX & ASX Trading & Prices
• Findata – Market Data
• Good Returns
• Herald Business
• Interest.co.nz – Interest Rates News & Views
• National Business Review
• Property Talk
• Stuff Business
• Value Cruncher – NZX