If you’re starting a business or running a small business, you’re aware that you need to manage your expenditure wisely. You’ll want to make sure your affordable business insurance is in force. But many businesses get into trouble on things that are really very important. Small business insurance should not be one of those things that a sole trader or business ownser should skimp on.
What Does Small Business Insurance Do?
Legal cases and claims are more prevalent than ever, and some customers will sue for almost anything. As a business owner, this exposes you to the high cost of defending yourself, followed by a price to pay for a settlement or judgment.
The best business insurance for small business can pay these costs, whether you have made a mistake or not. By having basic business insurance coverage, you protect your business from potential ruin if you are challenged or a claim made against your business following a loss or damage. For a small outlay on business insurance, you can protect your business and your scarce capital for everyday expenses and for growing your business.
There are three kinds of basic business insurance that all small business owners need to consider, no matter what type of business they operate. Material damage cover, business interruption insurance and liability protection.
Material damage insures your business assets such as fitout, stock, equipment and obligations you have to a commercial property landlord. It covers accidental damage arising from events such as fire, storm, theft and break and enter. Businesses can select an insurance option to include natural disaster cover.
Business interruption insurance pays claims that arise under material damage cover. Its purpose is to pay additional costs if you have to set up temporary premises and if your profit has been reduced as a result of a claims event.
Public liability insurance pays for claims when someone else was injured or their property was damaged and your business and your employees are at fault. There is also statutory liability insurance and employers' liability insurance to protect your business in the event that it has breached laws or caused illness to employees.
So How Much Does A Small Business Pay For Insurance?
At Insure Online, we are relentless about finding the best small business insurance price online and the lowest business insurance cost for New Zealand’s small businesses. We know the importance of preserving capital for running expenses. We recognise that risks can lead to expensive claims against our business that we could not afford to cover ourselves.
We spend time finding the best commercial insurance quotes by selecting the best insurance companies and their best products so that we can do it online. We pass on the benefits of buying business insurance cover to your small business across New Zealand in the form of lower business insurance premiums.
We know that you will want a cheap small business insurance estimate. Our best insurance for business owners can be purchased for around $500 (plus fire and emergency levy) for a year for business assets. Business interruption cover can be obtained for between $150 and $200.
If you would like to add professional indemnity insurance, please call us on 0800 456 780 for a free quote.