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Small business insurance NZ

Insurance for small business NZ

Small business insurance is a tailored package designed to protect small businesses in New Zealand against various risks and liabilities. These risks could range from damage to physical property, legal liabilities, employee-related risks, and more.

Why is small business insurance important? 

Small business insurance protects you against the most common risks of running a business. 

Small business insurance is vital because it ensures the stability and longevity of your business. When unexpected events occur, the financial impact can be significant. Having insurance means you’re safeguarded against these unforeseen expenses, ensuring your business can continue operating smoothly.

Businesses owners may need small business insurance for numerous reasons. For instance, some contracts or landlords may require you to produce a certificate of insurance to show you are insured.

Small business insurance is a necessary component of your business risk management, its affordability makes it a wise investment. In New Zealand, the average cost of small business insurance typically ranges between $100 to $200 per month. 

It’s crucial to have small business coverage if your business:

  • Handles information about its customers
  • Delivers tangible products or services
  • Counts on multiple staff for operations
  • Is based in a physical spot or office
  • Uses essential machinery or tools for business
  • Engages in contractual relationships with clients

What insurance covers are typically included in small business insurance? 

Public Liability

This policy covers common small 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

Statutory Liability

This cover is a type of protection that helps people or small businesses cover costs if they accidentally break certain laws or regulations.

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

Employers Liability

This insurance helps protect small businesses from financial losses if an employee suffers injuries or illnesses at work.

Best For
  • Workplace injuries
  • Legal expenses
  • Compensation payments

Professional Indemnity

This coverage protects small 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 

Business Vehicle Insurance

Protects vehicles used for work purposes. It covers accidents, damages, and injuries related to the vehicle while it’s being used for small business and personal activities.

Best For
  • Repair costs
  • Third party damages
  • Injuries 

Business Contents Insurance

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

Best For
  • Accidents 
  • Floods
  • Fires

How much does small business insurance cost?

Small business premiums are calculated on several different factors including:

  • Limit of cover
  • Type of industry
  • Location 
  • Turnover 

Small business insurance in NZ typically costs between $100 to $200 per month. 

Who needs small business Insurance in NZ?

Every business owner in NZ, regardless of the company’s size, should consider getting small business insurance. Whether you run a cozy cafe, a tech startup, a retail shop, or provide professional services like consulting, the right insurance coverage can shield you from unforeseen events that might jeopardize your business.

Business insurance is designed to cover risks associated with running a business, from employee injuries to property damage. Personal insurance, like home or auto, focuses on individual and personal assets. The policies, premiums, and coverage specifics differ substantially between the two.

Generally, insurance policies are specific to the business owner and the company. If you sell your business, the new owner will typically need to secure a new insurance policy.

Top industries that need small business insurance

In New Zealand, small business insurance is a critical safeguard for many professions, protecting them against claims for damages caused by their business activities.

How do I get proof of small business insurance

You can usually get proof of small business insurance same day when you purchase insurance through Gerrards.

Acquiring a small business 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 lease.

To obtain insurance coverage promptly, contact us. We may require you to provide some fundamental details about your small business, such as:

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

What does small business insurance not cover?

Natural Wear and Tear

 All things deteriorate with time, from the paint on your walls to the machinery you use daily. Insurance doesn’t cover this gradual degradation. So if your computer stops working after five years, don’t expect the insurance to cover its replacement.

War and Nuclear Risks

Events on such a massive scale, like war or nuclear incidents, are typically excluded from standard policies. Damages resulting from these events would not be reimbursed by your small business insurance.

Intentional Acts

If the business owner or an employee purposefully causes harm or damage, the insurance typically won’t step in to cover the costs. This means acts of vandalism or deliberate harm won’t get coverage.

Other common questions about small business insurance

Yes, online businesses face a set of unique risks like data breaches, cyber-attacks, or e-commerce disputes. Even if they don’t have a physical location, there are plenty of potential risks to consider.

While you can cancel your policy, it’s essential to consider the risks. If an unforeseen event occurs after canceling, you’ll be without coverage. It might be better to adjust the policy or find more affordable coverage than canceling outright.

A deductible is the amount you’ll pay out-of-pocket before your insurance begins to cover a claim. If you have a higher deductible, your premium (the amount you pay for the insurance) might be lower, but you’ll pay more when you file a claim.

Typically, employees are covered regardless of their location, but it’s essential to check the specifics of your policy. With more people working remotely, many insurance companies have adjusted their offerings to include such scenarios.

Comparing quotes, bundling services, and working with a trusted broker like Gerrards can help ensure you’re getting the best coverage for the best price. Regularly reviewing and adjusting your policy can also help.

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