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Business Insurance

We can help with all of your business insurance needs. 

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Our most popular covers. For a full list of what we can offer contact us. 

Public Liability

Statutory Liability

Professional Indemnity

Business Vehicle

Material Damage

Business Interruption

Contract Works

Mobile Plant

Management Liability

Understanding Business Insurance in New Zealand: Your Complete Guide

For many entrepreneurs, business insurance can seem like a complex topic. In this article, we’ll explain what business insurance is, why it’s essential, the different types of coverage available, and how to save money on your business insurance.

What is Business Insurance?

Business insurance refers to a wide range of insurance products designed to protect businesses from financial losses. These losses can stem from various incidents, including property damage, employee injuries, legal liabilities, or even interruption of business operations. Business insurance aims to mitigate the risk of unexpected costs that can harm your business’s financial health.

Why is Business Insurance Important?

Operating a business comes with inherent risks. These could include accidents, natural disasters, lawsuits, or even reputational damage. With adequate business insurance, you can safeguard your business from such unfortunate events, ensuring business continuity even when faced with adversity.

Types of Business Insurance

Business insurance is not a one-size-fits-all product. There are different types of insurance available based on your business’s specific needs including:

Public Liability Insurance

This covers third-party bodily injury and property damage that can occur on your business premises.

Professional Indemnity Insurance

Also known as errors and omissions insurance, it protects your business from negligence claims due to harm resulting from mistakes or failure to perform.

Material Damage Insurance

This covers damage to business property from fire, theft, and certain weather-related incidents.

Business Interruption Insurance

This covers income loss resulting from a disaster that disrupts the operation of the business.

You can choose one or more types based on your business’s risk profile. 

Costs of Business Insurance

The cost of business insurance in New Zealand varies depending on factors like the type of business, its size, the level of risk, and the amount of coverage required. It’s always a good idea to speak with a trusted insurance broker, like Gerrards, to get a clear idea of the cost for your business.

Determining the Right Coverage

Determining the right coverage for your business depends on various factors. These include your industry, business size, and the number of employees. Gerrards Insurance Brokers can help guide you in assessing your business’s risks and determining the appropriate amount of coverage.

Risks Covered by Business Insurance

Business insurance typically covers risks such as property damage, liability, worker-related injuries, and interruption of business operations. Certain types of policies may also cover legal claims or lawsuits, as well as damage from natural disasters. However, it’s important to read your policy carefully and confirm with your broker what is and isn’t covered.

Business Insurance for Home-Based Businesses

Even if you operate your business from home, business insurance is necessary. Home insurance typically doesn’t cover business-related losses, so a separate policy is needed to protect your home-based business.

Legal Requirements for Business Insurance

In New Zealand no fire and general insurance is legally required by the government. You may be contractually obligated to have insurances such as professional indemnity or public liability

Saving Money on Business Insurance

To save money on business insurance, it’s crucial to understand your business’s risks and only get coverage for what you need. Regularly review and update your coverage to match your business’s changes. Bundling different types of insurance can also help you save money.

Public Liability vs Professional Liability Insurance

Public liability insurance covers physical injury or property damage caused by your business operations. In contrast, professional liability insurance protects your business from claims related to services rendered, such as mistakes or negligence.

What is Business Interruption Insurance?

Business interruption insurance is a crucial type of coverage that protects your income if your business can’t operate due to a disaster or unexpected event. It can cover fixed costs, like rent and salaries, during this period.

Adding Additional Coverage to Your Policy

Yes, you can add additional coverage to your existing business insurance policy. This is often referred to as a rider or endorsement and can cover specific risks not included in the standard policy.


In conclusion, business insurance is not an expense but an investment that can save your business from potential financial ruin. At Gerrards Insurance Brokers, we are committed to finding the best cover for your business at the most competitive price. Contact us today to discuss your business insurance needs.

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