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Small Business Insurance

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Insurance covers for small business?

What covers are need?

All small businesses in New Zealand should consider having appropriate insurance cover to protect against potential risks. The specific types of insurance required can vary based on the nature of the business, its location, and other factors.

What Are the Key Types of Insurance for Consultants?

Protection Against Financial Loss

Insurance provides a safety net against unforeseen events that could lead to significant financial loss or even bankruptcy.

Peace of Mind

Knowing that you're covered in the event of an accident, theft, or other unfortunate events can allow business owners to focus on what they do best - running their business.

Contractual Requirements

Some forms of insurance, like liability insurance, can be a contractual necessity for certain types of businesses in New Zealand.

Key types of insurance for small businesses

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 

Cyber Insurance

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

Best For
  • Ransomware attacks
  • Phishing scams 
  • Cyber extortion 

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 business and personal activities.

Best For
  • Repair costs
  • Third party damages
  • Injuries 

Business Interruption Insurance

Helps protect small businesses when they face unexpected events, like natural disasters or fires, which lead to temporary shutdowns or disruptions in their operations. It covers loss of income and additional expenses incurred during the interruption period.

Best For
  • Income loss 
  • Extra expenses
  • Temporary shutdown 

Business Contents Insurance

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

Best For
  • Accidents 
  • Floods
  • Fires

Stock Insurance

Stock insurance in NZ is a type of coverage that helps protect small businesses from the loss or damage to the items they sell.

Best For
  • Mishaps 
  • Natural Disasters
  • Fires

Tool Insurance

Safeguards your tools against unexpected events, like burglary or accidental damage, ensuring you won’t have to bear the financial burden of replacing them.

Best For
  • Burglary protection 
  • Accidental damage protection
  • Anywhere in New Zealand cover

How can a small business obtain these insurances?

  1. Contact Gerrards: The primary step for New Zealand businesses to obtain relevant insurance is to get in touch with Gerrards, an expert insurance broker specializing in business insurance.
  2. Assessment: Our team at Gerrards will assess the specific risks associated with your business. Every business is unique and may require different types of coverage.
  3. Customised Recommendations: With a comprehensive understanding of your business, Gerrards will recommend insurance products tailored to your needs.

How Can You Do It Right?

  • Evaluate Your Risks: Understand the specific risks associated with your consultancy field. This helps in selecting the right coverage amounts.

  • Stay Updated: Laws and industry standards evolve. Regularly review and update your insurance to stay relevant.

  • Seek Expert Advice: Engage with professionals, like insurance brokers, to guide you in making informed decisions.

What are the advantages and disadvantages?

Insurance for consultants comes with its pros and cons. 

  • Risk Mitigation: Insurance provides a buffer against unexpected adversities, ensuring that your business can recover quickly.
  • Financial Security: Insurance can cover significant costs, ensuring that your business remains solvent even after a major event.
  • Boosts Business Image: Having the right insurance shows clients and customers that your business is credible and safe to engage with.
  • Cost: Premiums can be expensive, especially for comprehensive coverage.
  • Complexity: While Gerrards can simplify the process, understanding insurance can be complex and time-consuming for some.
  • Potential for Denials: There might be occasions where claims are denied, leading to potential out-of-pocket expenses.

Common Misunderstandings

  • “I’m too small to need insurance.” Even sole proprietors can face liabilities or damages that can benefit from insurance coverage.
  • “All policies are the same.” Insurance policies can vary greatly, and it’s crucial to read the terms to understand what is and isn’t covered.
  • “It’s too expensive.” While there are costs involved, the financial protection provided often outweighs the expense. Plus, there are various packages available to suit different budgets.

How Can Gerrards Help?

As a specialised business insurance broker in New Zealand, Gerrards brings expertise to the table. Here’s how we can assist:

  1. Personalised Assessment: We take the time to understand your business and its specific risks, ensuring that you get coverage that truly matches your needs.
  2. Market Knowledge: With a pulse on the latest in the insurance world, we can guide you to the most up-to-date and relevant insurance products.
  3. Claims Assistance: In the unfortunate event of a claim, Gerrards stands by its clients, helping navigate the process and ensuring a fair outcome.

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