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Finance Company Insurance

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Finance company insurance

Finance company commercial insurance NZ

Finance company insurance is a comprehensive package tailored for finance-related businesses. Whether it's covering liabilities, assets, or even employee-related concerns, this insurance package ensures that finance companies can operate smoothly, without constant worry about unexpected hiccups.

Why is finance company insurance important? 

Every business faces risks. However, finance companies, given their nature, can face enhanced and specialized threats. A simple mistake, data breach, or legal complaint can lead to significant financial loss or even business closure. Finance company insurance provides a safety net, ensuring that such setbacks don’t lead to catastrophic outcomes.

In New Zealand, the average cost of finance company insurance typically ranges between $500 – $1,000 per month. 

Finance Company Insurance Gerrards

It’s crucial to have finance company coverage if your business:

  • Deals with clients’ financial data
  • Provides lending or credit services
  • Faces potential legal liabilities
  • Operates in multiple locations

What insurance covers are typically included in finance company insurance? 

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Finance Company Professional Indemnity

Finance company PI protects finance businesses from financial losses if they make mistakes or are accused of negligence while doing their job. 

Best For
  • Negligence claims 
  • Errors & Omissions 
  • Professional mistakes 
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Public Liability

This policy covers common finance business risks including bodily injuries, customer property damage, and advertising injuries. It’s required for most commercial leases.

Best For
  • Business Accident Coverage
  • Third-party Damages
  • Legal Cost Protection
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Statutory Liability

This cover is a type of protection that helps finance companies cover costs if they accidentally break certain laws or regulations.

Best For
  • Unintentional breaches protection
  • Legal costs
  • Fines and penalties
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Cyber Insurance

Insurance that helps protect finance businesses from financial losses caused by cyber-related incidents, like data breaches and computer attacks.

Best For
  • Ransomware attacks
  • Phishing scams 
  • Cyber extortion 
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Management Liability

Management liability insurance in NZ shields finance company leaders from legal and financial risks due to their managerial responsibilities.

Best For
  • Directors liability 
  • Employment disputes
  • Legal defence
Business Contents Insurance Gerrards

Business Contents Insurance

Business contents insurance in NZ is for protecting all the important stuff inside a finance business. If there’s a problem or accident, the insurance can help with the expenses.

Best For
  • Accidents 
  • Floods
  • Fires

How much does finance company insurance cost?

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Finance company insurance premiums are calculated on several different factors including:

  • Types of cover
  • Turnover
  • Location 
  • Claims History 

Finance company insurance in NZ typically costs between $500 to $1,000 per month.

Who needs finance company insurance?

If you’re in the financial sector, chances are you need this insurance. This includes:

  • Banks
  • Credit Unions
  • Mortgage Brokers
  • Loan Agencies
  • Investment Firms
  • Any business that handles, manages, or provides financial services or advice.

While not always legally mandated, many regulatory bodies and industry standards strongly recommend or even require certain types of coverages for finance businesses to operate or affiliate with them. Moreover, having insurance can protect your company from unexpected financial burdens.

Yes, many finance company insurance packages include cyber liability coverage, given the industry’s reliance on digital platforms and the sensitive nature of the data handled. This coverage protects against losses resulting from data breaches or cyber-attacks.

How do I get a finance company insurance quote? 

We understand the unique needs of finance companies in New Zealand. Leveraging our extensive industry knowledge and partnerships, we provide comprehensive finance company insurance quotes from the top insurers in the country and globally. Entrust us with your requirements, and we’ll ensure you receive the most competitive and tailored coverage options available.

To obtain a finance company insurance quote we may require you to provide some fundamental details about your business, such as:

  • The name of your business
  • The total number of employees
  • Predicted annual income
  • Years of experience in the industry

How do I get proof of finance company insurance?

You can usually get proof of finance companies insurance same day when you purchase insurance through Gerrards.

Acquiring a finance company insurance certificate from traditional insurance brokers may require a few weeks, a delay that could create problems for policyholders who need instant insurance proof for an imminent contract or project.

To obtain insurance coverage promptly, contact one of our finance insurance brokers. 

What does finance company insurance not cover?

Contractual Liabilities

These are obligations set out in contracts your company enters. If your business agrees to take on a specific liability in a contract, the insurer won’t automatically cover this unless it’s specified. It’s essential to know the ins and outs of your contractual agreements and discuss these with your insurer.

Non-Finance Activities

If a finance company ventures into  services outside the realm of general finance or offers advice on non-finance related matters, these won’t be covered. It’s essential to ensure any additional services are included in the policy or covered separately.

Known Claims Prior to Policy

Insurance is for unforeseen events. If you were aware of a potential claim before the finance company policy’s initiation, the policy would not cover it. Full disclosure and understanding of this stipulation are crucial when obtaining a policy.

Other common questions about finance company insurance

Yes. Many finance company insurance packages include employment practices liability coverage. This protects finance companies against claims related to employment issues, like discrimination, harassment, or wrongful termination.

Absolutely. Every finance company has its unique operational risks. Gerrards, and many insurance providers, offer bespoke solutions tailored to the specific needs of finance companies, ensuring they’re not paying for what they don’t need.

Certainly. The primary goal of liability coverage in finance company insurance is to protect the firm, even if unintentional errors occur. However, remember that intentional malpractices remain excluded.

The finance landscape is constantly evolving, and so is insurance. Some providers are now offering coverage options for digital assets, crucial for finance companies that deal with or invest in cryptocurrencies. Always discuss such specific coverage requirements with your broker.

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