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There are five main types of insurance that are needed by small businesses. Public liability insurance (or sometimes called general liability insurance) to protect your business against claims resulting from accidents or injuries that occur as result of your business activities. Business material damage insurance to cover contents, property, assets and stock. Business interruption insurance to protect your business income and profits. Statutory liability insurance to covers legal costs to defend your business under various Acts of Parliament such as proceedings before a Human Rights or Privacy Review Tribunal. Employers liability insurance because employees have a right to civil action when a workplace injury is not covered by ACC.
The cost of $2m of public liability insurance starts from $225 a year for a florist or office supplies shop with sales turnover up to $500,000. The cost of $100,000 of business insurance for assets, contents and stock starts at $500 per year for office based businesses anywhere in New Zealand. Optional extra insurance cover, such as $5m of public liability insurance, adding statutory liability and employers liability insurance and natural disaster insurance to cover earthquakes, will add to the cost.