Most people dream of starting up their own business with a great business idea. It takes a lot of dedication and effort to create and run a new small business. Soon business owners realise they have invested time, ideas and money. They have built something they could lose if they have a fire or property damage. They have more to lose if a liability insurance claim is lodged against their business.
Many new businesses start out as home based businesses. Overheads are low and owners can juggle competing priorities. The business can grow at its own pace without the pressure of extra rent and other costs. Covid-19 has taught the world that working from home can suit many.
Any home based business NZ wide and SME has insurance business needs. Business owners need to understand their business risk and protect their business. Different types of businesses may need a different level of cover, but their insurance options and needs are similar.
Fire or water from a storm can damage stock. Any property damage to stock, contents and equipment can cause income to dry up. Meanwhile, business bills need to be paid.
Customers could sue you for personal injury. Promises made on your website could find a statutory liability claim being made against your business. Few business owners have funds for legal defence costs to protect themselves against legal liability.
Those days, months and years of business building could slip away overnight. The best way to protect your investment is by learning about your SME insurance solutions and home business insurance needs.
Finding the right home based business products for your small business or home based business is very important. The best place start for commercial insurance quotes is with an insurance broker such as Insure Online, specialist small business insurance brokers.
Having the right small business insurance cover will help protect your business assets, stock and cash flow. Your business insurance NZ should also cover the most common types of legal liability, defence costs and legal costs that could occur.
Business Contents Insurance and Office Insurance
This type of property insurance covers equipment, machinery, stock, fixtures and fittings, and your business premises. It covers losses from events such as fire, theft and storm. Affordable business insurance cover can be added to insure for natural disaster. This covers earthquake, tsunami and geothermal activity. This is also known as material damage insurance.
Business Interruption Insurance For Small Business Owners
A big concern of any business owner is their ability to continue after a large loss. Business interruption insurance covers a reduction in your business income and profits after your assets have been damaged. It will cover costs that are likely to continue when you are unable to trade. It will help your business survive a financial disaster. It is simple insurance for business costs and profits. Others look at it as insurance for loss of income. It is highly recommended insurance for businesses big, small and home based.
Small Business Liability Insurance
We have a comprehensive general liability insurance product. There are three types of liability small business insurance to consider. The first is public liability insurance. This is also known as general liability. It covers you when you injure a member of the public, such as a customer. It also covers financial losses arising from damage to their possessions. Possessions can be damaged when left with your business for repair or maintenance. This comes with product liability insurance included.
The second is statutory liability insurance. This cover legal costs to defend your business under various Acts of Parliament. These include proceedings before a Human Rights or Privacy Review Tribunal. It pays fines imposed and covers legal costs to defend your business.
The third one is related to the health and safety of your employees. Employers' liability insurance covers mental injuries not accompanied by a physical injury and nervous shock or fright (which can often cause heart attacks and strokes). It also covers diseases brought on over time such as chemical poisoning and exposure to the elements or extremes of temperatures.
Choosing Your Insurance Solutions
It is best that your small business insurances are tailored to your needs. A "one size fits all approach" is no longer appropriate. It is better to tailor your needs when getting a contents insurance quote or seeking an online insurance quote from an insurance broker.
As a registered NZ insurance broking firm, we make it simple. Business owners can decide which insurance options and covers they need. They can select how much cover they want to protect against loss or damage.
We ask that every sole trader and small business owner read the policy wordings for all types of insurance. They contain more details, including terms and conditions and which limits and exclusions apply.
Then head straight to get an online business insurance quote and buy now or to find out how much small business insurance cost. You will find that we are fast and you may find that we offer cheap company insurance for small business public liability insurance. Our business insurance costs are competitive, especially for sole trader business insurance.