Business Insurance

Material Damage

Your business depends on your premises, your equipment and all stock that you sell. Would a fire severely impact your business? Can you afford to rebuild your business following a major loss? Would your business be able to replace vital fixtures, fittings, tools and stock following a major loss? It is unlikely that many small businesses would have the capital and capacity to rebuild. Therefore it’s important that you protect these assets from material damage by insuring them adequately with a good small business insurance product.

This section of our small business insurance package covers unintended and unforeseen physical loss of, or damage to, your property during the period of insurance. Your property includes your shop or office fitout, plant, stock, refrigerated goods, glass, signage, money, fixtures and fittings.

Our product also covers you for business items that you carry around anywhere in New Zealand, such as tools and portable technology, valued up to $10,000. You also have the option to increase this cover to $20,000 worth of portable items for a small additional premium.

Business insurance cover is provided for damage occurring from events such as fire, theft, hold-up, storms, explosion and machinery breakdown.

Business insurance cover includes emergency work to protect your contents and to reduce further insured losses, removal of debris, such as damaged contents and stock, and the cost of architects, legal and other related expenses.

We know that many businesses carry additional stock over Christmas and New Year. Our small business insurance package automatically covers you for a seasonal increase in stock of up to 20% during November, December and January. There is no extra charge for this additional cover.

Small business owners have the option to purchase cover for natural disaster for an extra premium. Natural disaster includes earthquake, volcanic eruption, geothermal activity and tsunami.

Please be aware that our small business insurance product does not cover you for every loss. For example, losses caused or arising from a computer virus or from loss of electronic data are not covered. A specialised cyber indemnity product is usually required for this.

For more information on small business insurance and material damage cover, please download and read the policy wording.

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