Business Insurance Types Overview

Business Interruption

Business interruption policies are designed to return you to the same financial position you were in before a material damage event occurred.

If you are temporarily unable to conduct business as usual after a major direct loss, your income and overheads will be covered until the material losses are replaced, repaired or remedied.

Travel, Business & Corporate

Corporate Travel insurance can cover the costs of medical treatment, lost or stolen luggage or money, repatriation, kidnap and ransom, rental vehicle excess, personal accident and personal liability.

Cover can be extended to include Leisure Travel and also travel within New Zealand.

Employers Liability

Actions can be taken by Employees alleging recklessness on the part of the business and its directors leading to injury, and most of these actions seek a lump sum payment based on pain, suffering and loss of enjoyment of life. Employers Liability Insurance can provide indemnity for defence costs and damages following these allegations. No business should be without this cover.

Marine Cargo/Liability

Cargo: Shipping product or business items overseas.
Hull products: Any boat, ship, container or other commercial vessel against loss or damage.
Marine Liability: Third party, boatbuilders, carriers legal liability.

Public Liability

Products & Public Liability Insurance covers your small business against legal costs and compensation payments resulting from injuries or property damage to your clients, contractors or members of the public which was caused by you or one of your employees.

The insurance would cover the compensation payment plus any legal expenses.

Commercial Motor Vehicle

Commercial Motor Vehicle policies provide full accidental damage cover if you have comprehensive insurance; policies further includes such items as: Windscreen and Window Glass Extensions Cost of alternate vehicle hire following theft Limited Transit cover for Customers Goods and Stock.

Cost of alternate vehicle hire following theft

Limited Transit cover for Customers Goods and Stock.

Cyber Risks

Businesses are increasingly doing more of their business online, creating new risks that need to be managed.

Third party legal claims for loss of data and personal information.
System restoration after hacker damage.
Business interruption for losses in revenue due to dealing with compromised data.

Employee Dishonesty/ Fidelity & Crime

Every year, millions of dollars are lost from small businesses due to employee dishonesty. Many businesses suffer severe financial damage and, in a number of cases, even end up in bankruptcy. While some acts are one-time thefts, most large losses are caused by long-term, ongoing schemes that can be hidden for years.

Business Property

Provides protection for your business assets, whether that be buildings, contents, or stock,
due to losses incurred through fire, theft, burglary, or natural disasters. If the worst happens, you can protect yourself from the financial loss.

Statutory Liability

Statutory Liability insurance is a specialist insurance policy that covers your company, senior management, and employees, for allegations of wrongful breaches of key legislation during the course of business operations.

The insurance would cover defence costs plus any fines or penalties.

Builder, Construction, Contract Works

Contract Works insurance provides cover for civil, commercial and residential construction projects, designed to assist Licensed builders and Contractors to meet their contractual obligations. Typically covers:

Loss or Damage to the insured construction project.
Loss or damage to third party property.

Directors & Officers

Directors and Officers Liability insurance covers the cost of compensation claims made against your business’s directors and key managers (officers), for alleged wrongful acts, which can include: breach of trust, breach of duty, neglect, error, misleading statements, and wrongful trading.

Management Liability

Management Liability Insurance protects you and your company against the risks and exposures of running the company (i.e. your liability for mismanagement).

 Management Liability Insurance will generally cover the following amounts in relation to the above: Legal costs, expenses, and compensation claims against the insured.

Professional Indemnity

Covers legal costs and expenses incurred in your defence, as well as any costs that may be awarded, if you are alleged to have provided inadequate advice, services, or designs that cause your client to lose money.
Common claims include allegations of professional negligence and/or misleading and deceptive conduct.

Trade Credit Insurance

Trade Credit Insurance covers your company against bad debts by clients and customers.

Trade Credit Insurance usually covers:

Bad Debts and defaults, and Export risks.