Business Insurance

Business Insurance

Business doesn't always go according to plan and that's why you need the right insurance structures in place to back you up if something goes wrong.  This reduces the financial loss on your business making sure it survives the storms that come your way.  We can help with a variety of different insurance products that can provide that back-up plan your business needs.  Have a look at some of the products we can help with below and feel free to get in touch if you have any questions.

If you have any questions or would like to book a time with an expert, click one of the links below.

Key Person insurance

Key Person insurance ensures your business can continue to operate even if a key person in the business suffers a major illness, becomes disabled or even passes away.  Key Person cover does this by providing the business with a cash injection of up to 30 million at the time it is needed most  (Subject to underwriting).  Alternatively it can offer a monthly income benefit of up to $25,000 per month (Subject to underwriting).  These funds could be used to hire temporary staff, recruit new senior management, key staff and meet any ongoing debt obligations and anything else the business might need during this time, to ensure financial loss to the business is minimised.

Debt/Shareholder and Personal Guarantee Insurance

Shareholder Protection insurance is designed for businesses that are owned by multiple shareholders or partners.
A partner/shareholder may be unable to continue to work, operate or contribute to the running of the business due to death, illness or injury.  In this event, the right insurance structures provide the  cash for the surviving shareholder/s or partners to buy the deceased/disabled shareholder’s share and continue operating the business as usual.  This prevents a potentially catastrophic financial obligation on the business of coming up with the money, and allows the estate of the deceased or disabled to liquidate their shares in the business quickly without unnecessary delay.

It is essential that this type of insurance is backed up by a formal buy-sell or shareholder agreement which creates the legal structure around the insurance policies.  

We can help you with putting in place a shareholder or partnership protection insurance programme.

Got questions or want to have a chat? Click one of the links below.

We can also help with other covers related to protecting your assets and liabilities across your business as below:

Material Damage

This policy provides cover for external accidental loss or damage at your insured business premises.  This can include losses to physical assets such as buildings, plant and equipment, tenant’s improvements, stock and customers goods resulting from fire, burglary, theft, malicious damage, accidental damage and natural disaster (earthquake, tsunami, geothermal, hydrothermal activity and resulting fire). The basis of settlement is either repair/replacement or indemnity (market value at the time of the loss).

Business Interruption

This policy provides cover for the effects of a Material Damage loss to your business.  Cover options include resultant loss of Gross Profit or Revenue, Additional Increased Cost of Working expenses to avoid a reduction in turnover (such as rental of an alternative site, temporary hire of equipment or labour), loss of Rental income, Wages or Redundancy payments, Restoration of Records and Claims Preparation Costs.  Claim payments are made until normal turnover is restored or the indemnity period (maximum payment period after a loss) is exceeded, whichever happens first.  

Broadform/General/Public and Products Liability

This policy will indemnify your business for your legal defence costs and compensation payable to third parties for accidental damage to their property or bodily injury, resulting from your business activities, products and services within certain geographical limits.  This is an “Occurrence” based policy.

Employee Injury Liability (Employers Liability)

This policy will indemnify you for your legal defence costs and damages arising from employee personal injury claims within New Zealand, in the course of their employment with you, not covered by the ACC. For example, stress and mental anguish claims. This is a “Claims Made” based policy.

Statutory Liability

This policy will indemnify you for your legal defence costs and certain fines or penalties imposed as a result of an unintentional breach of an insured Statute.  Common examples involve breaches of the Health and Safety at Work Act (excluding the fine), Resource Management Act, Building Act, Fair Trading Act, Consumer Guarantees Act and Privacy Act.  This is a “Claims Made” based policy.

Professional Indemnity

This policy will indemnify you for legal defence costs and compensation payable to third parties from your negligence or civil liability, as a result of alleged wrongful advice, error or omission given in accordance with your normal business occupation or service. This is a “Claims Made” based policy.

Cyber Liability

This policy will indemnify you against your legal liabilities arising from data protection laws, management of personal data and the consequences of losing information.  Coverage can include third party liability, hacker theft cover, business interruption, restoration costs, breach response and consultation services, public relations costs, network extortion and data forensic expenses.  This is a “Claims Made” based policy.

Business Vehicles (Commercial Motor)

This policy provides cover for accidental loss or damage to your insured motor vehicle &/or damage to third party property or bodily injury, resulting from the use of your vehicle for both business and private purposes within New Zealand. The basis of settlement is normally the market value of the vehicle at the time of the loss.

Portable Assets (Plant & Tools – anywhere in New Zealand + Home Storage)

This policy provides cover for external accidental loss or damage to your insured property whilst away from your business premises, anywhere in New Zealand. This can include losses to physical assets such as plant and equipment, stock, resulting from fire, burglary, theft from securely locked vehicles, malicious damage and natural disaster (earthquake, tsunami, geo/hydrothermal activity and
resulting fire).

Got questions or want to have a chat? Click one of the links below.